Advantage Insurance, Inc entered into stock purchase and sale agreement to acquire U.S. Commonwealth Life, A.I. from Colin Murdoch-Muirhead for $15 million on September 30, 2016. Under the terms of agreement, Advantage Insurance shall issue 178,723 convertible preference shares at a book value of $11.75 per share, 8,511 ordinary share units at $11.75 per share. In addition to this, Advantage Insurance will issue a seller promissory note of $12.8 million which will be payable in three annual installments, the first of which will be paid no later than May 15, 2017. The amount of the seller note shall be automatically adjusted up or down to be an amount equal to the Company Actual 2016 Earnings multiplied by eight. The transaction is subject to resignation of the directors of US Commonwealth Life and execution of insurance consulting services agreement. The transaction is expected to close on or before October 1, 2016. Aon Insurance Managers (Puerto Rico) Inc. continues to provide administrative services to USCL and Jay Walker of J.A. Walker & Associates, Inc. and Colin Muirhead of Bermuda PPLI Advisors Ltd has each entered into long term agreements to provide advisory services to USCL and Advantage. Pedro I. Vidal –Cordero of Vidal, Nieves & Bauzá, LLC acted as legal advisor to Advantage Insurance in the transaction.