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Watford Holdings LTD 8.50% Cumulative Redeemable Preference Shares

9,065,200 shares were sold in a private placement on 3/31/2014 with a coupon of 8.5%. Coupon is fixed at 8.50% until 6/30/2019 at which point shares float at 3 month Libor plus a spread of 6.6785%. IF 3 month libor is BELOW 1% then 1% will be used as the libor floor.

The company redeemed 6,919,998 shares on 7/2/2019







Assurant Inc. 5.25% Subordinated Notes DUE 2061

So long as no event of default with respect to the Notes has occurred and is continuing, we have the right, on one or more occasions, to defer the payment of interest on the Notes for one or more consecutive interest periods for up to five years as described in “Description of the Notes—Option to Defer Interest Payments” in this prospectus supplement. We may not defer interest beyond the maturity date, any earlier accelerated maturity date arising from an event of default or any other earlier redemption of the Notes. During a deferral period, interest will continue to accrue on the Notes at the then-applicable rate of the Notes described above and deferred interest on the Notes will bear additional interest at the then-applicable interest rate of the Notes, compounded on each interest payment date, subject to applicable law. If we have paid all deferred interest (including compounded interest thereon) on the Notes, we can again defer interest payments on the Notes as described above.




Brighthouse Financial Inc. 5.375% Non-Cumulative Preferred Stock, Series C




Affiliated Managers Group Inc. 4.75% Junior Subordinated Notes due 9/30/2060

We may defer interest payments on the Notes on one or more occasions for up to 20 consecutive quarterly periods per deferral period as described in this prospectus supplement. Deferred interest payments will accrue additional interest at a rate equal to the interest rate then applicable to the Notes, compounded quarterly, to the extent permitted by applicable law.




Brighthouse Financial Inc 6.75% Non-Cumulative Preferred Stock, Series B




WR Berkley Corporation 4.25% Subordinated Debentures Due 2060

W.R. Berkley Corporation (WRB) is a multinational insurance holding company that provides a wide range of commercial property and casualty insurance products and services. The company operates through several subsidiaries and is organized into four business segments: specialty insurance, regional property casualty insurance, alternative markets, and international.

WRB was founded in 1967 and has a long history of providing insurance coverage to businesses, organizations, and individuals. The company has a strong reputation for financial stability and is well-regarded in the insurance industry.


Interest may be deferred on one or more occasions for up to 5 consecutive years. Interest will continue to accrue.




Prudential Financial 4.125% Junior Subordinated Notes due 2060






Athene 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C

Merged with Apollo Global Management 1/3/2022

The coupon will be fixed until 9/30/2025 at 6.375% after which point the rate will be reset at a rate of the 5 year treasury plus a spread of 5.97%–reset every 5 years.




Argo Group 7.00% Resettable Fixed Rate Preference Shares

Argo Limited was acquired by Brookfield Reinsurance on 11/16/2023

Coupon will be fixed at 7% until 8/15/2025 after which the coupon will reset at the rate of the 5 year treasury plus a spread of 6.721%. To be reset every 5 years thereafter




American Equity Investment Life Holding Company 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B

The coupon will be fixed until 9 /1/2025 at 6.625% after which point the rate will be reset at the 5 year treasury plus a spread of 6.297% and there after reset every 5 years