The Westaim Corporation has made a significant US$350 million capital contribution to Salem Group Partners, LP, following a drawdown notice as per their limited partnership agreement. The funds are earmarked for Ceres Life Insurance Company, a cloud-native annuity platform.
Cameron MacDonald, Westaim’s President and CEO, stated that this capital injection is crucial for preparing Ceres Life to launch its insurance operations and serve annuity policyholders effectively. Westaim operates through two primary businesses: Ceres Life and Arena. Ceres Life is developing a scalable, technology-driven annuity insurance platform under the leadership of Deanna Mulligan, former Guardian Life Insurance CEO. Arena is a global institutional asset manager with expertise in credit and asset-oriented investments.
Westaim’s common shares are listed on the TSX Venture Exchange under the symbol ‘WED’. This development is subject to forward-looking statements regarding the use of funds and Ceres Life’s launch, which are based on current estimates and subject to various risks and uncertainties. For more information, visit www.westaim.com.
