|Over a month ago|
Fly Intel: Pre-market Movers » 08:5703/0303/03/21
OVID, TAK, KMPH, TRXC, DY, WEN, DLTR, OSW, MGY, COHN, ASXC
Check out this morning's…
Cohen & Co. reports Q4 adjusted EPS $4.64 vs. 75c last year » 08:3103/0303/03/21
Reports Q4 revenue $66.4M…
Reports Q4 revenue $66.4M vs. $16.09M last year. Lester Brafman, CEO of Cohen & Company, said, "We are pleased with our fourth quarter and annual results, and are excited for the year ahead as we continue to execute on our strategic goals, including growing our Mortgage and Repo businesses, expanding our asset management revenue streams, and positioning the Company to attract new business opportunities and capital partners. Net trading revenue was $73.6 million in 2020, up $35.4 million or 93% from 2019, primarily from our Mortgage, Repo, and Corporate trading groups. At the end of the year, our Gestation Repo book had grown to $3.3 billion, up from $1.3 billion at the end of 2019, and our non-CDO assets under management increased 27% to $712 million, including growth in our European PriDe Funds and SPAC Funds. We also continue to make strides in the development of our SPAC franchise and remain active in the SPAC market as a sponsor, asset manager, and investor. In the fourth quarter, our first company-sponsored SPAC, Insurance Acquisition Corp., closed its merger with Shift Technologies, contributing $18.3 million to the quarter's adjusted pre-tax income. More recently, our second company-sponsored SPAC, INSU Acquisition Corp. II, closed its merger agreement with Metromile, a digital insurance platform and pay-by-mile auto insurer, and our third company-sponsored SPAC, INSU Acquisition Corp. III, completed its $250 million IPO and is currently seeking a business combination. Our team has substantial experience in the SPAC space, and we are excited to build on our momentum and continue growing our SPAC franchise. Looking ahead, we remain committed to executing on our strategic priorities, with a continued focus on proactively managing our risk and our capital structure, and on enhancing stockholder value."
Metromile completes business combination with INSU Acquisition » 12:5602/0902/09/21
INAQ, COHN, MILE
Metromile announced it…
Metromile announced it completed its business combination with INSU Acquisition Corp. II (INAQ), a publicly traded special purpose acquisition company sponsored by Cohen & Company, LLC, a subsidiary of Cohen & Company Inc. (COHN). The Business Combination was approved earlier today by INSU II's stockholders. The combined company is named Metromile, Inc., and its common stock will trade beginning February 10, 2021, on NASDAQ under the ticker symbol "MILE." "Today is an important milestone for Metromile, but not the destination. We're committed to providing customers fair, real-time and individualized insurance," said Dan Preston, CEO of Metromile. "We believe the future of insurance is technology that works to everyone's benefit. As a public company, we believe we are well-positioned to accelerate our plans and deliver sustainable and profitable growth to our stockholders. We look forward to bringing our personalized digital insurance to communities nationwide and, through Metromile Enterprise, partnering with more insurers to modernize insurance everywhere."
|Over a quarter ago|
INSU Acquisition Corp. II, Metromile enter business combination agreement » 07:0811/2411/24/20
Metromile and INSU…
Metromile and INSU Acquisition Corp. II (INSU) a publicly-traded special purpose acquisition company sponsored by Cohen & Company, LLC, a subsidiary of Cohen & Company Inc. (COHN), announced that they have entered into a definitive business combination that will result in Metromile becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Metromile, Inc. and is expected to remain listed on NASDAQ under the new ticker symbol "MLE". The companies said, "Metromile is revolutionizing the fragmented $250+ billion U.S. personal auto insurance market with real-time digital auto insurance personalized for low-mileage drivers. About two-thirds of U.S. drivers are considered low-mileage and could be overpaying for auto insurance because they do not pay per mile. Today, Metromile's insurance customers save 47% on average compared to what they were paying their previous auto insurer.1 Metromile is making auto insurance fairer with pricing and billing by the mile, with precise rates based on how and how much they drive instead of industry-standard approximations or estimates. Metromile's fully digital customer experience is designed for the modern driver. Customers sign up, access customer support and file claims through its mobile app. Claims are handled quickly and, in most cases, are fully automated. Exclusive features like street sweeping alerts and auto health tips engage drivers along the way. The result is a community of fiercely loyal customers who enjoy far more than price savings. By downloading Metromile's free Ride Along, consumers can determine if they are a low-mileage driver, see what they could save with Metromile before switching and get their best rate. With data science at its core, Metromile unlocks the predictive value of data generated by autos, mobile phones and other sources. Its model translates into a better customer experience, higher customer retention rates, and greater operating profits, while lowering customer acquisition costs, fraud and servicing expenses. Additionally, with Metromile Enterprise, the company is now powering the digital transformation of the global insurance industry. Launched in 2019, Metromile Enterprise is a cloud-based software-as-a-service solution that helps large, incumbent insurers transition into an era of modern mobility. By licensing key components of its technology platform - including claims automation and fraud detection tools - the company accelerates P&C carriers' digital roadmaps and meaningfully participates in the profit improvements they realize, generating growing and recurring high-margin revenue." INSU II will combine with Metromile for aggregate consideration of approximately $842M in INSU II Class A common stock and up to $30M of cash consideration, plus an additional 10M shares of Class A common stock that will be earned if the combined company achieves certain price targets over time. The transaction reflects an estimated implied pro forma enterprise value at closing of $956M. In connection with the transaction, investors led by Social Capital, and including Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda, Miller Value, Clearbridge and Mark Cuban, have committed to invest $160M in a private purchase of INSU II Class A common stock. Metromile's earlier investors include New Enterprise Associates, Hudson Structured, Intact Ventures, Tokio Marine, Index Ventures, Mark Cuban and others, and will remain significant and active holders of Metromile's stock. It is anticipated that the transaction will provide Metromile with up to approximately $294M of cash at closing. The combined company expects to use proceeds from the transaction to reduce existing debt and accelerate growth initiatives, including expanding into new markets, increasing partnerships and launching new products and features. The Boards of Directors of each of INSU II and Metromile have unanimously approved the transaction. The transaction will require the approval of the stockholders of INSU II and Metromile, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission in connection with the transaction, and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first quarter of 2021.
Cohen & Co. reports Q3 adj. EPS $1.19 vs. ($1.06) last year » 08:2211/0411/04/20
Reports Q3 revenue…
Reports Q3 revenue $21.86M vs. $11.27M last year. Lester Brafman, CEO of Cohen & Company, said, "We are pleased with our third quarter results, particularly on the broker-dealer side where we continued to strengthen our Gestation Repo business, with balances increasing to $2.9 billion by the end of the quarter. Additionally, we are excited to announce positive developments in our SPAC business. Recently, subsequent to quarter end, our first company-sponsored Insurance SPAC, Insurance Acquisition Corp., closed its merger with Shift Technologies, Inc., and during the quarter, our second company-sponsored Insurance SPAC, INSU Acquisition Corp. II, raised $230 million in an initial public offering of its units. We are active in multiple aspects of the SPAC market, including as a sponsor, asset manager and investor. Our team has a long history in the SPAC space, and we intend to continue growing our SPAC franchise and capitalizing on opportunities in the space. We are enthusiastic about our business going forward, and we remain committed to executing on our strategic priorities, with a continued focus on enhancing stockholder value."
Cohen & Co. files $75M mixed securities shelf 16:4510/2310/23/20
Shift completes merger with Insurance Acquisition Corp. » 09:4110/1310/13/20
Shift, and Insurance…
Shift, and Insurance Acquisition Corp. (INSU), a publicly traded special purpose acquisition company sponsored by Cohen & Company (COHN), have announced the closing of their previously announced business combination. The business combination, which was approved on October 13, 2020, by INSU's stockholders, brings the newest pure-play in the used car ecommerce market to the public markets. The transaction provides Shift with approximately $300 million, net of fees and expenses. Beginning October 14, 2020, Shift's shares of Class A common stock will trade on the Nasdaq under the ticker symbol "SFT" and warrants under ticker symbol "SFTTW." Shift's co-CEOs, George Arison and Toby Russell, will host an investor update call on October 14, 2020 at 8:00am EDT. Shift has built a state-of-the-art automotive ecommerce company powered by its unique technology platform and service model. Leveraging proprietary technology, Shift delivers a comprehensive and seamless process for consumers to buy, sell, trade, finance, and own used cars.
Cohen & Co. reports Q2 adj. EPS 80c vs. (95c) last year » 08:1508/0708/07/20
Reports Q2 revenue…
Reports Q2 revenue $24.12M vs. $11.17M last year. Lester Brafman, CEO of Cohen & Company, said, "We are pleased with our second quarter results, and extremely excited about the development of some of our longer term strategic initiatives across our SPAC franchise, as well as our broker dealer and asset management businesses. We are active in multiple aspects of the SPAC market, including as a sponsor, asset manager and investor. Our company-sponsored Insurance SPAC, Insurance Acquisition Corp, entered into a merger agreement with Shift Technologies, Inc., and we are now also the sponsor of a second special purpose acquisition company, which intends to raise $175 million in an initial public offering of its units. Our Vellar Funds, which focus on investing in SPAC opportunities, raised additional capital during the quarter. Cohen's involvement in the SPAC market both as a sponsor and as an asset manager has given the firm access to unique investment opportunities, one of which drove the revenue in our principal investing segment this period. We have a long history in the SPAC space, and we intend to continue building our SPAC franchise and capitalizing on opportunities in the space. On the broker dealer side, we continue to grow our mortgage complex, specifically our gestation repo business, where our balances increased to $2.3 billion by the end of the quarter. Our European investment advisory subsidiary successfully launched another series of closed-end investment vehicles with total commitments in excess of EUR375 million. I am proud of our company's ability to drive our initiatives forward while navigating this uniquely challenging environment. We are optimistic that the strategic investments we have made in these businesses will continue to pay off, and we remain committed to executing on our objectives, with a continued focus on enhancing stockholder value."
Cohen & Co. launches EUR375M PriDe III Funds » 08:5107/2007/20/20
Cohen & Company…
Cohen & Company announced it has closed a series of closed-end investment vehicles with total commitments in excess of EUR375M. PriDe III is the latest series of funds advised by CCFEL that focus on investing in Tier II capital instruments issued by small and mid-size insurance companies that have limited access to capital markets. The PriDe Program enables insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, reduce reinsurance costs and/or lower their weighted average cost of capital.
Cohen & Co. reports Q1 EPS ($2.70) vs. ($1.06) last year » 08:3005/0805/08/20
Reports Q1 revenue…
Reports Q1 revenue $17.77M vs. $11.14M last year. Lester Brafman, Chief Executive Officer of Cohen & Company, said, "The COVID-19 pandemic has created an environment of uncertainty, market volatility and dislocation in certain debt and equity markets. These economic conditions have impacted our business, as positions in our high yield trading books and principal investing portfolio have decreased in value, and a reassessment of our JVB goodwill has resulted in an impairment. Despite some recent downsizing in our book sizes, we are pleased that our TBA, Gestation Repo, and GCF Repo businesses continued to show strength in the first quarter. Going forward, we are focused on continuing to navigate these unprecedented challenges and ensuring that our employees stay safe and healthy. We are optimistic that the strategic investments we have made in these businesses will continue to pay off, and we remain focused on enhancing stockholder value."