CWI Holdings Inc., the parent organization of CompWest Insurance Co., announced the issuance of $20 million of trust preferred securities in a private placement by CWI Holdings 2006 Statutory Trust I, a Delaware statutory trust that is wholly-owned by the company and was formed for that purpose.
The trust-preferred securities have a maturity of 30 years and are redeemable after five years without pre-payment penalty. CWI Holdings Inc. intends to use the net proceeds from the offering primarily to support the growth of its insurance subsidiary, CompWest Insurance Co., and for other general corporate purposes. Keefe, Bruyette and Woods Inc. and FTN Financial Capital Markets acted as the placement agents for the offering.
Established in September 2004, CompWest Insurance is a provider of workers’ compensation insurance in California.
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