Cohen & Company Announces Successful Launch of €375 Million PriDe III Funds

Rhea-AI Summary

Cohen & Company Inc. (NYSE American: COHN) announced the closure of its PriDe III Funds, raising over €375 million. This investment will support small and mid-size insurance companies in enhancing their regulatory capital and funding growth. Daniel Cohen emphasized the firm's expertise in the insurance sector, while Paul Vernhes noted this as their largest fundraise in a challenging market. Since inception, Cohen & Company has invested over $4.3 billion in over 200 insurance companies globally.

Positive

• Successfully closed PriDe III Funds with total commitments exceeding €375 million.
• Largest fundraise ever by Cohen & Company in the insurance market.
• Funds target small and mid-size insurance companies, helping them enhance regulatory capital.

Negative

• None.

PHILADELPHIA and New YORK, July 20, 2020 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) (“Cohen & Company”) today announced that, Cohen & Company Financial (Europe) Limited (“CCFEL”), an investment advisory subsidiary of Cohen & Company, successfully closed a series of closed-end investment vehicles with total commitments in excess of €375 million  (collectively referred to as “PriDe III Funds” or “PriDe III”).  PriDe III is the latest series of funds advised by CCFEL (the “PriDe Program”) that focus on investing in Tier II capital instruments issued by small and mid-size insurance companies that have limited access to capital markets. The PriDe Program enables insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, reduce reinsurance costs and/or lower their weighted average cost of capital.

Daniel Cohen, Chairman of Cohen & Company, said, “We appreciate our investors’ confidence in Cohen & Company’s long history of expertise in the insurance industry’s regulatory capital environment. This capital raise continues our active engagement with a wide variety of activities within the global Insurance industry.”

Paul Vernhes, Managing Director of Cohen & Company’s European Asset Management platform, added, “The successful closing of PriDe III is strong evidence of our leading position as a regulatory capital provider to small and mid-size insurance companies in Europe, having achieved our largest fund raise ever in this space, despite the challenging market environment. This closing milestone demonstrates the robustness of insurance subordinated debt, the appeal of our funding solution for potential issuers, as well as investors’ confidence in Cohen & Company’s expertise in the global insurance market.”

Cohen & Company has been a leading investment specialist in the insurance market, having deployed, through various funds managed or advised by its subsidiaries, over $4.3 billion in more than 200 insurance companies worldwide. In Europe alone, this represents €1.4 billion in 64 insurance companies located in 18 different countries.

About Cohen & Company

Cohen & Company is a financial services company specializing in fixed income markets. It was founded in 1999 as an investment firm focused on small-cap financial institutions but has grown to provide an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, and matched book repo financing as well as new issue placements in corporate and securitized products, and advisory services, operating primarily through Cohen & Company’s subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen & Company Financial (Europe) Limited in Europe. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, and investment funds. As of March 31, 2020, the Company managed approximately $2.7 billion in fixed income assets in a variety of asset classes including US and European trust preferred securities, subordinated debt, and corporate loans. The Principal Investing segment is comprised primarily of investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading, matched book repo, or other capital markets business activity. For more information, please visit www.cohenandcompany.com.

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Investors -   Cohen & Company Inc.      Joseph W. Pooler, Jr.    Executive Vice President and Chief Financial Officer  215-701-8952      investorrelations@cohenandcompany.com	Media -  Joele Frank, Wilkinson Brimmer Katcher James Golden or Andrew Squire 212-355-4449 jgolden@joelefrank.com or asquire@joelefrank.com

FAQ

What is the PriDe III Funds raised amount by Cohen & Company?

Cohen & Company raised over €375 million through the PriDe III Funds.

When was the PriDe III Funds announcement made?

The announcement was made on July 20, 2020.

What is the focus of the PriDe III investment vehicles?

PriDe III focuses on investing in Tier II capital instruments for small and mid-size insurance companies.

How much has Cohen & Company invested in insurance companies globally?

Cohen & Company has invested over $4.3 billion in more than 200 insurance companies worldwide.

Which stock symbol is associated with Cohen & Company?

The stock symbol for Cohen & Company is COHN.