TORONTO, March 01, 2022 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan,” “our,” “we,” or the “Firm”) proclaims that its wholly-owned subsidiary, Capability Insurance coverage Firm (“Capability”), has submitted to the insurance coverage departments in these states within the U.S. the place Capability conducts enterprise its annual assertion of the situation and affairs of Capability as at and for the yr ended December 31, 2021 (the “Annual Assertion”). The Annual Assertion is offered for evaluate on the web sites of sure insurance coverage regulators and on the Firm’s web site at www.mountlogancapital.ca.
The Annual Assertion consists of statutory monetary info ready in conformity with statutory accounting practices prescribed or permitted by the Insurance coverage Division of the State of Nebraska. The Nationwide Affiliation of Insurance coverage Commissioners (“NAIC”) adopted the Codification of Statutory Accounting Ideas, which is meant to standardize regulatory accounting and reporting to state insurance coverage departments and have become efficient January 1, 2001. Nevertheless, statutory accounting rules proceed to be established by particular person state legal guidelines and permitted practices. The NAIC is an affiliation of the chief insurance coverage supervisory officers of every state, territory or possession of the US and gives experience, information and evaluation for insurance coverage commissioners to successfully regulate the trade and defend shoppers. Statutory accounting rules are designed to help state insurance coverage departments within the regulation of the solvency of insurance coverage corporations, with the final word goal to make sure that policyholder, contract holder and different authorized obligations are met once they come due and that corporations preserve capital and surplus always and in such types as required by statute to supply a margin of security. For the reason that focus of statutory accounting rules is solvency regulation, the Annual Assertion is just not straight corresponding to monetary statements ready in accordance with Worldwide Monetary Reporting Requirements (“IFRS”), the target of which is to supply a set of accounting guidelines to ascertain monetary accounting and reporting requirements within the preparation of economic statements in order to function helpful info to traders and different customers of economic reporting. Accordingly, readers are cautioned that sure monetary measures within the Annual Assertion will not be acknowledged measures underneath IFRS, would not have a standardized which means prescribed by IFRS and might not be corresponding to comparable measures introduced within the Firm’s monetary statements or by different corporations. Readers are additional cautioned that the Annual Assertion could also be not applicable for any goal, together with funding selections, and that they need to not place undue reliance on the Annual Assertion.
Capability is a Nebraska domiciled insurer and reinsurer of long-term care insurance policies acquired by Mount Logan within the fourth quarter of fiscal 2021. Capability is exclusive within the insurance coverage trade in that its long-term care portfolio’s morbidity danger has been largely re-insured to 3rd events, and Capability is now not insuring or re-insuring new long-term care danger.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is an alternate asset administration and insurance coverage options firm that’s targeted on private and non-private debt securities within the North American market and the reinsurance of annuity merchandise. The Firm actively sources, evaluates, underwrites, manages, displays and primarily invests in loans, debt securities, and different credit-oriented devices that current enticing risk-adjusted returns and current low danger of principal impairment by means of the credit score cycle.
This press launch is just not, and certainly not is it to be construed as, a prospectus or an commercial and the communication of this launch is just not, and certainly not is it to be construed as, a proposal to promote or a proposal to buy any securities within the Firm or in any fund or different funding automobile.
For extra info, please contact:
Jason RoosChief Monetary Officer
[email protected]
Mount Logan Capital Inc.
365 Bay Road, Suite 800
Toronto, ON M5H 2V1
Supply: Mount Logan Capital Inc.
