Insurance Income plans to price $26 million of $10-par 8% non-cumulative preferreds

By James McCandless

San Antonio, June 29 – Insurance Income Strategies Ltd. plans to price $26 million of $10-par series A non-cumulative preferred shares with an 8% dividend, according to an FWP filing with the Securities and Exchange Commission.

A.G.P/Alliance Global Partners is the bookrunner.

There is a $3.9 million greenshoe.

The preferreds are redeemable after five years.

Insurance Income Strategies plans to use the proceeds to fund collateralized reinsurance contracts with capital, providing access to insurance-linked securities covering catastrophe risk.

The company intends to list the preferreds on the on the Nasdaq Capital Market under the symbol “ILSAP.”

Insurance Income Strategies is a Bermuda-based collateralized property catastrophe reinsurer.

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