Demotech Revises Financial Stability Rating® of Florida Specialty Insurance Company


Demotech Revises Financial Stability Rating® of Florida Specialty Insurance Company

PR Newswire

COLUMBUS, Ohio, Aug. 16, 2019 /PRNewswire/ – Demotech has downgraded the Financial Stability Rating® (FSR) of A, Exceptional, assigned to Florida Specialty Insurance Company to M, Moderate. This action was necessary despite potential transactions being pursued by the Company.

Demotech, Inc. (PRNewsFoto/Demotech, Inc.) (PRNewsfoto/Demotech, Inc.)

According to Joseph L. Petrelli, President, Demotech, “The Company filed its second quarter 2019 financial statement, reporting surplus in excess of the $10 million statutory minimum. The notes from the Company in its most recent financial statement included a comment regarding substantial doubt of the Company’s ability to continue as a going concern given the current environment in the state of Florida and none of the transactions under consideration have been executed. The Company, albeit above the state minimum as to surplus, does not meet the financial metrics associated with an FSR of A.”

Until this date, Demotech had sustained the previous FSR to facilitate the orderly analysis of proposals under consideration by the Company. However, despite the Company’s plans to substantially de-risk its portfolio beginning in the fourth quarter of 2019 and its ongoing dialogue with the state of Florida Office of Insurance Regulation and potential suitors, a change in FSR is being made at this time.

About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit for more information.

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Fiera Capital announces the closing of the acquisition of Foresters Asset Management Inc.

Fiera Capital announces the closing of the acquisition of Foresters Asset Management Inc.

Canada NewsWire


MONTREAL, Aug. 16, 2019 /CNW Telbec/ - Fiera Capital Corporation (“Fiera Capital”) (TSX: FSZ) announced today that it completed its previously announced acquisition of all the issued and outstanding shares of Foresters Asset Management Inc. from Foresters Life Insurance Company, following receipt of all necessary approvals. Upon closing, Foresters Asset Management Inc. was renamed Fiera Capital Fund Management Inc. (“FCFM”).

FCFM acts as investment fund manager and portfolio manager to the imaxx family of mutual funds, which are investment funds offered to the public, and to Foresters Asset Management Canadian Bond Pool (whose name will be changed to Fiera SFI – Canadian Universe Bond Fund shortly after closing), which is an investment fund offered pursuant to exemptions from the prospectus requirement (collectively, the “Funds”).  

Shortly following closing of the transaction, Fiera Capital will incorporate the FCFM business into its existing Canadian operations, by amalgamating Fiera Capital and FCFM, as well as by effecting certain changes to FCFM’s senior officers, directors and portfolio managers during the interim period between closing and amalgamation. As a result of these changes, Fiera Capital will become manager and portfolio manager of the Funds.

Unitholder approvals were obtained for the change of manager of the Funds at special meetings held on August 9th and 13th. In addition, unitholder approval was obtained to amend the trust agreements governing the Funds to grant the manager of the Funds the right to effect a change of auditor without unitholder approval. FCFM has exercised this right and so it is anticipated that the auditor of the Funds will change from Ernst & Young LLP to PricewaterhouseCoopers LLP on or about September 17, 2019.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with approximately C$149.5 billion in assets under management as of June 30, 2019. The firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital’s depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

In the U.S., asset management services are provided by the firm’s U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

Additional information about Fiera Capital Corporation, including the firm’s annual information form, is available on SEDAR at

SOURCE Fiera Capital Corporation

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BlackRock TCP Capital Corp. Prices $150,000,000 Of 3.9% Notes Due 2024


BlackRock TCP Capital Corp. Prices $150,000,000 Of 3.9% Notes Due 2024

PR Newswire

SANTA MONICA, Calif., Aug. 16, 2019 /PRNewswire/ — BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the pricing of $150,000,000 in aggregate principal amount of 3.9% notes due 2024 (the “Notes”). The closing of the transaction is subject to customary closing conditions and the Notes are expected to be delivered and paid for on August 23, 2019.

The Notes bear interest at a rate of 3.9% per year, payable semiannually and will mature on August 23, 2024 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make whole” premium, if applicable. The Notes will be direct unsecured obligations of the Company and rank equally in right of payment with all outstanding and future unsecured senior indebtedness issued by the Company. The Notes will be structurally subordinated to the debt of any of the Company’s subsidiaries and effectively subordinated to all of the Company’s outstanding and future secured indebtedness.

The Company intends to use the net proceeds from this offering to repay amounts outstanding under its credit facilities (which will increase the funds under the credit facilities available to the Company to make additional investments in portfolio companies in accordance with its investment objective) and for other general corporate purposes, including payment of operating expenses.

BofA Securities, Inc. is acting as book running manager for this offering. Wells Fargo Securities, LLC; Deutsche Bank Securities Inc.; Raymond James & Associates, Inc.; Keefe, Bruyette & Woods, Inc.; ING Financial Markets LLC; Capital One Securities, Inc.; Oppenheimer & Co. Inc. and SMBC Nikko Securities America, Inc. are acting as bookrunners. 

Investors are advised to carefully consider the investment objective, risks, charges and expenses of TCPC before investing. The preliminary prospectus supplement dated August 16, 2019 and the accompanying prospectus dated August 16, 2019, which have been filed with the SEC, contain this and other information about TCPC and should be read carefully before investing.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of the Company and are not soliciting an offer to buy such securities in any state where such offer and sale is not permitted.

The offering is being made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by calling (800) 294-1322 or by e-mail:


BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a wholly-owned, indirect subsidiary of BlackRock, Inc. For more information, visit


Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the Company are available in the Company’s filings with the SEC. Copies are available on the SEC’s website at and the Company’s website at Prospective investors should read these materials carefully before investing.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the “Risks” section of the Company’s prospectus dated August 16, 2019 and its preliminary prospectus supplement dated August 16, 2019, the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2018, and the Company’s subsequent periodic filings with the SEC. Copies are available on the SEC’s website at and the Company’s website at Forward-looking statements are made as of the date of this press release and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.


TCP Capital Corp. (PRNewsFoto/Tennenbaum Capital Partners, LLC)


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