Trean increases surplus with $50 million surplus notes offering

Trean Insurance Group , a provider of products and services to the specialty insurance market, announced that it has increased the surplus of its subsidiary Benchmark Insurance Company by completing a private offering of $50 million aggregate principal amount of its 6.75% Surplus Notes due August 2042.

“We are pleased to further increase the Benchmark surplus with this offering. The addition of this $50 million is another important step towards Trean achieving our long-term financial goals.” – Julie Baron, President and Chief Executive Officer of Trean.

The surplus notes are unsecured, subordinated debt obligations of Benchmark and are planned to be treated as additional surplus.  All payments of interest on or principal of the surplus notes, and any redemption payment, may be made only with the prior approval of the Commissioner of Insurance of the State of Kansas.

The surplus notes were offered and sold in a private offering exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”) solely to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act. The surplus notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.