ProFinance Holdings Corporation (“ProFinance”), the holding company for Century Insurance Group (“Century”), has closed on the private placement sale of $15 million of 30-year floating rate trust preferred securities issued through a wholly-owned trust subsidiary. ProFinance was created in Oct. 2000 and acquired Century through a management led buyout from Century Business Services, Inc., in conjunction with a group of community banks and Stonehenge Partners, Inc., a private equity firm.
“These trust preferred securities are an integral part of our long-term capital strategy,” John Marazza, executive vice president of Century Insurance Group, said. “With the completion of this offering, Century’s insurance subsidiaries have statutory capital and surplus in excess of $50 million.” Christopher Timm, executive vice president of Century Insurance Group added, “In response to favorable market conditions in the insurance industry, we are pursuing controlled growth in our existing lines of specialty property/casualty business.”
Century Insurance Group focuses on risk management, operational innovation, service and automation built on strong capitalization, disciplined underwriting, and quality reinsurance, and operates in 49 states.
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