Fortress Insurance Company closes its CDN$5.3 million equity offering and signs a strategic agreement with U.S. based Indemnity National Insurance Company.
Speaking about the client’s experience, Shafeen Mawani, Chief Executive Officer of Fortress Insurance noted “It was a pleasure to work with the legal team at McLeod Law who executed our capital raise in an efficient and timely manner. We appreciate the hard work, which resulted in a successful outcome for all parties involved."
On October 28, 2022, Fortress Insurance Company successfully closed a CDN$5.3 million equity financing. The equity financing was over-subscribed and concurrent with the capital raise, Fortress Insurance executed a significant new strategic partnership with U.S. based Indemnity National Insurance Company (“INIC”). The partnership included an equity investment of approximately CDN$1.7 million in Fortress Insurance by INIC and a plan to provide Fortress Insurance with the resources and expertise to offer specialty surety products in Canadian commercial insurance markets through a comprehensive underwriting and re-insurance agreement.
McLeod Law represented Fortress Insurance with respect to Canadian corporate and securities matters pertaining to the equity financing transaction and the team included S (Rishi) Chakraborty and Kai Yee (corporate and securities). Daniel Nauth and Inayat Chaudhry of Nauth LPC assisted Fortress Insurance with respect to all US matters pertaining to the equity financing transaction.
Fortress Insurance is a fast-growing property and casualty insurer licenced and operating in Canada’s western provinces and Ontario. In addition to being a niche capacity provider in the commercial and residential property insurance market, Fortress Insurance is also focused on the development and provision of specialty insurance products.
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