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TORONTO, May 12, 2025--(BUSINESS WIRE)--The Westaim Corporation ("Westaim" or the "Company") (TSXV: WED) is pleased to announce that it has made a capital contribution in the amount of US$350 million (the "Capital Contribution") to Salem Group Partners, LP (the "Partnership") following receipt by the Company of a draw down notice for such amount pursuant to the terms of the limited partnership agreement of the Partnership. The proceeds from the Capital Contribution are intended to fund the operations of Ceres Life Insurance Company ("Ceres Life"), an advantaged, cloud-native and scalable annuity platform.
"This capital contribution to the insurance platform of our integrated business is a critical step in our preparation to launch Ceres Life insurance operations," said Cameron MacDonald, President and Chief Executive Officer of Westaim. "We look forward to our continued support of Ceres as they prepare to launch operations and begin servicing the needs of their annuity policyholders."
About Westaim
Westaim is an integrated insurance and alternative asset management company with two primary operating businesses: Ceres Life and Arena.
Ceres Life is a cloud-native, highly scalable, de novo annuity insurance company. Inspired by the belief that technology can reinvent the way insurance providers meet the needs of investors, Ceres Life is building a nimble, highly efficient, and risk-conscious insurance company that provides simple-to-understand and easily accessible annuity products to create better outcomes for policyholders. Ceres Life is led by Deanna Mulligan, former CEO and Chair of Guardian Life Insurance. For more information, see www.ceresinsurance.com.
Founded in 2015, Arena is a global institutional asset manager with deep expertise in credit and asset-oriented investments, including the full spectrum of corporate, real estate and structured finance opportunities. With a team of over 180 employees in offices around the world, Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions. For more information, see www.arenaco.com.
Westaim’s common shares are listed on the TSX Venture Exchange (the "TSXV") under the trading symbol "WED".
Cautionary Note and Forward-Looking Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"), including with respect to the intended use of the proceeds of the Capital Contribution and the launch of Ceres Life. All statements other than statements of present or historical fact are forward-looking statements. 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 negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions.