Mount Logan Capital Inc. (OTCPK:PYCF.F) entered into a non-binding agreement to acquire Ability Insurance Company from Advantage Capital Holdings LLC for $20 million on May 19, 2021. Under the agreement, Mount Logan will acquire 100% of the equity of Ability Insurance Company for a purchase price of $20 million to be satisfied through the issuance of an unsecured promissory note in the amount of $15 million and $5 million of common shares of Mount Logan. As part of the transaction, it is proposed that the Purchase Consideration will be retained by Ability on a contingent basis to support Ability?s investment portfolio. As part of the transaction, Mount Logan will further invest $10 million of capital into Ability to strengthen Ability?s balance sheet and launch a platform for the reinsurance of annuities, which is expected to reinsure $150 million of fixed annuities within six months following the completion of the transaction. Mount Logan?s wholly-owned subsidiary, Mount Logan Management LLC is proposed to manage a meaningful portion of Ability?s assets. The management team of Ability will join the Mount Logan family. Completion of the transaction is subject to the final approval of definitive agreements by the parties, as well as a number of customary terms and conditions including final approval of the Nebraska Department of Insurance and approval of the Neo Exchange Inc. On July 23, 2021 the Nebraska Department of Insurance provided final regulatory approval for the acquisition. Assuming all necessary approvals are received, the company expects the transaction to be completed in the third quarter of 2021. As of August 20, 2021, the transaction is expected to close in the fourth quarter of 2021. Mount Logan Capital Inc. (OTCPK:PYCF.F) completed the acquisition of Ability Insurance Company from Advantage Capital Holdings LLC on October 29, 2021. An aggregate of 1,579,671 shares were issued by Mount Logan in satisfaction of the $5 million of share consideration forming part of the purchase consideration. Anna Elliott and David Charsky, current members of the Ability management team, will continue to lead the business following the closing of the transaction as President and Vice President of Finance & Treasurer, respectively. The transaction has received approval from Neo Exchange Inc. Greenberg Traurig, LLP acted as legal advisor to Mount Logan Capital. Gettman & Mills LLP acted as legal advisor to Advantage Capital Holdings.