BMS Capital Advisory (BMS CA) announced it has completed a $45 million private placement of surplus notes issued by Brotherhood Mutual Insurance Company (Brotherhood) to funds managed by Dekania Capital Management, an indirect investment advisory subsidiary of Cohen & Company (NYSE American: COHN), with a specialist practice providing debt capital to small and mid-sized mutuals and insurers.
The notes carry a fixed rate of 6.00% with a 20-year term. The proceeds of the offering will primarily be used by Brotherhood for general corporate purposes and to support the company’s growth, the company said. BMS CA acted as an exclusive financial advisor and placement agent to Brotherhood.
Based in Fort Wayne, Indiana, Brotherhood provides insurance products, risk management resources, and payroll services specifically designed for churches, ministries, schools, and colleges.
Source: BMS Capital Advisory
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