Westaim Announces Sale of Skyward Specialty Shares in a Secondary Offering

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NOT FOR DISTRIBUTION TO OUR NEWSWIRE SERVICES OR FOR DIRECT OR INDIRECT PUBLICATION, DISTRIBUTION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

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TORONTO – The Westaim Corporation (“Westheim” or the “Pursue) (TSXV: WED) today announces that, through its wholly owned subsidiary Westaim HIIG GP Inc. (the “Selling shareholder“), sold 4,400,000 common shares (the “Shares“) of Skyward Specialty Insurance Group, Inc.^TM (NASDAQ: SKWD) (“Skyward specialty“), in an underwritten secondary public offering (the “Offer“). The selling shareholder has also granted the underwriters a 30-day option to purchase up to an additional 660,000 shares in the offering.

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Skyward Specialty will receive no proceeds from the sale of the shares in the offering, and the selling stockholder will bear the underwriting discounts and commissions associated with the sale of such shares and will receive all of the net proceeds.

Barclays, Keefe, Bruyette & Woods, Inc., a Stifel company, and Jefferies are acting as joint lead book-running managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification the securities laws of any such state or jurisdiction.

About Westaim

Westaim is a Canadian investment company specializing in providing long-term capital to companies operating primarily in the global financial services industry. The Company invests directly and indirectly through acquisitions, joint ventures and other arrangements with the aim of providing capital appreciation and true wealth preservation to its shareholders. Westaim’s strategy is to pursue investment opportunities with a focus on the financial services industry and to increase shareholder value over the long term. Westaim’s investments include significant holdings in Skyward Specialty, Arena and the Arena FINCOs. Skyward Specialty, Arena and Arena FINCOs are defined in the notes to Westaim’s audited consolidated financial statements for the year ended December 31, 2023 and the associated MD&A. Westaim’s common shares are listed on the TSX Venture Exchange (the “TSXV“) under the trading symbol “WED”.

For more information contact:
J. Cameron MacDonald, President and Chief Executive Officer or
Robert T. Kittel, Chief Operating Officer
The Westaim Corporation
[email protected]
(416) 969-3333

About Skyward Specialty

Skyward Specialty (NASDAQ: SKWD) is a rapidly growing and innovative specialty insurance company that offers commercial property and casualty insurance products and solutions on a non-admitted and admitted basis. Skyward Specialty operates through eight underwriting divisions: Casualty & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.

Skyward Specialty’s insurance subsidiaries include Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company and Oklahoma Specialty Insurance Company. These insurance companies are rated A- (Excellent) with a positive outlook by AM Best Company. For more information about Skyward Specialty, its employees and its products, visit skywardinsurance.com.

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Cautionary Statement and Forward-Looking Information

This press release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements“). All statements that are not statements of current or historical fact are forward-looking statements. Forward-looking statements include those relating to the Offer, including the size of the Offer and the grant of the option. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate,” “achieve,” “could,” “believe,” “plan,” “intend,” “objective,” “continuous.” , “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including the negative thereof, that indicate future results or that certain events or conditions “may” or “will” occur. These statements are merely predictions. Forward-looking statements are based on management’s opinions and estimates as of the date the statements are made and are based on information available to the Company and Skyward Specialty at that time. Various factors and assumptions are used in drawing conclusions or making any predictions or projections set forth in forward-looking statements, including the Company’s and Skyward Specialty’s historical practices.

Forward-looking statements are subject to and involve a number of known and unknown variables, risks and uncertainties, many of which are beyond the control of the Company and Skyward Specialty and could cause actual performance or results to differ materially from those projected. expressed or implied by such forward-looking statements. There can be no assurance that the expectations reflected in the forward-looking statements will prove to be correct. Although the forward-looking statements contained in this press release are based on assumptions that management believes or believe to be reasonable at the time, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as may be other factors that cause: that the results do not meet expectations, estimates or intentions. Readers should not place undue reliance on the forward-looking statements contained in this press release. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks that the offering may not be completed in a timely manner, if at all, in the manner or on the terms expected, including due to adverse market conditions or other conditions or factors; risks associated with obtaining (or not obtaining) the approvals required in connection with the offering and the timing of receipt of such approvals; and the risks and uncertainties contained under the heading “Risk Factors” in the Company’s annual information form for its fiscal year ended December 31, 2023 and filed in its profile on SEDAR+ at www.sedarplus.ca. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506142267/en/

contacts

For more information contact:
J. Cameron MacDonald, President and Chief Executive Officer or
Robert T. Kittel, Chief Operating Officer
The Westaim Corporation
[email protected]
(416) 969-3333

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