DALLAS & WEST DES MOINES, Iowa–(BUSINESS WIRE)–
Sammons Enterprises, Inc. (SEI) and Sammons Financial Group (SFG) (SEI and SFG, collectively “Sammons”) are aware of public reports that attempt to link SEI and SFG to reported investigations regarding Guggenheim and certain of its affiliates. Sammons is a separate and independently managed organization.
We are not affiliated with Guggenheim Capital LLC, Group 1001 Inc, Delaware Life Insurance Company, Clear Spring Life and Annuity Company, nor TWG Global Holdings LLC. SFG has no ownership interest in Guggenheim Capital. SEI, SFG’s parent company, owns a non-voting and non-controlling, minority interest in Guggenheim Capital which it has been divesting over the past several years. SEI has no voting or common equity in, or ability to control, Guggenheim Capital LLC, TWG Global Holdings LLC, nor any of their affiliates.
Sammons does not comment on nor speculate about publicly reported investigations concerning third parties. Sammons, its officers, directors, and employees are not under investigation.
SFG adopted an open architecture model as its investment strategy in 2021, utilizing more than 15 independent, third-party investment managers. SFG maintains governance and oversight of its investment portfolio and all third-party investment managers.
For more information on A+ rated SFG, see the financial information maintained on its investor relations page.
About Sammons Enterprises, Inc.
Founded in 1938, Sammons Enterprises, Inc. (SEI) is a privately held, employee-owned holding corporation with a diverse portfolio of businesses across five strategic verticals. Headquartered in Dallas, Texas, SEI operates in the United States and Mexico. With over $12 billion in annual revenues and over $157 billion in assets, SEI is one of the largest privately held companies in the United States.
About Sammons® Financial Group, Inc.
The companies of Sammons Financial Group® help families and businesses by empowering futures and changing lives. Sammons Financial Group is employee owned with member companies that are among the most enduring and stable in the financial services industry. Sammons Financial Group is Midwest-based, with offices in Iowa, Illinois, Minnesota, North Dakota, Ohio, Pennsylvania, South Dakota and Virginia.
One-time insurance mogul and convicted fraudster Greg Lindberg saw more avenues to appeal a $1.6 billion restitution order close last week.
On Friday, the Court of Appeals for the Fourth Circuit rejected Lindberg’s motion for a stay of the restitution order. The three-judge panel did not comment on the ruling.
On May 28, District Judge Max O. Cogburn accepted the report of a special master and ordered Lindberg to pay restitution of more than $1.6 billion.
Lindberg’s attorneys argued that mandatory offsets totaling nearly $2.9 billion reduce the restitution obligation to zero and show an overpayment of roughly $1.24 billion. Lindberg has since found new representation and appeared before Cogburn Aug. 10 on an inquiry of counsel hearing requested by the government.
Lindberg has filed a flurry of motions in a bid to stop the liquidation of his financial empire to pay the judgment. As of Monday, there are 37 docket entries in August alone.
Lindberg appeared before Cogburn with new attorneys Vivek Ramachandran, and Kenneth Barnes. “We’re not playing games,” Cogburn said at one point, according to reporting by the Charlotte Observer. “This sounds like a delay.”
Co-defendant sentenced
Also last week, Cogburn sentenced co-conspirator Christopher Herwig to two years in prison and ordered him to forfeit property worth $842,000. Herwig was Lindberg’s chief investment officer.
Herwig worked for Lindberg on an alleged scheme to siphon off millions of dollars from a number of insurance companies through a series of loans and other transactions, then using the money to acquire and operate other companies, according to court documents.
Lindberg directed the scheme and personally benefited from the fraud in part by “forgiving” more than $125 million in loans to himself from the insurance companies that he controlled. Lindberg used his ill-gotten gains to fund a lavish lifestyle, buying private jets, mansions and a 200-foot luxury yacht, court documents say.
In February, a judge in a different case ordered Lindberg to pay $526 million to policyholders in a civil lawsuit originally filed in October 2019 by life insurers he formerly owned: Southland National Insurance Corp., Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Reinsurance Corp.
The newest addition to Prudential’s IUL portfolio offers lifelong protection with the flexibility customers want
NEWARK, N.J.–(BUSINESS WIRE)–
Prudential Financial, Inc. (NYSE: PRU) today introduced Prudential Protection IUL, the newest indexed universal life insurance policy from its Individual Life Insurance (ILI) business. Protection IUL delivers a lifelong death benefit, with the flexibility to access cash value over time for goals such as covering unexpected expenses or addressing future health-related needs.
The launch comes at a time when more Americans are rethinking what life insurance can do for them. According to the 2026 Insurance Barometer Study from LIMRA and Life Happens, 74 million American adults say they need life insurance and another 24 million say they need more coverage than they currently have. At the same time, 40% of consumers say they want a policy that does more, including features tied to retirement income, customization, and self-directed changes over time. Protection IUL is designed to help meet that demand.
“What sets Protection IUL apart is the flexibility customers get while they are still living,” said Salene Hitchcock-Gear, president, Individual Life Insurance at Prudential. “Our BenefitAccess Rider, for example, gives people access to a portion of the death benefit if they become chronically or terminally ill, with no restrictions on how the money is used.”
At its core, Protection IUL is built around a lifelong death benefit that beneficiaries can use to manage both life’s expected and unexpected expenses. Customers can also build cash value over time through indexed accounts linked to the S&P 500 and Nasdaq-100, or through a fixed account that earns a declared interest rate. A 0% floor on the indexed accounts protects cash value from negative market returns, and a dialable no-lapse guarantee can be set for up to lifetime coverage when premium requirements are met.
“Life insurance is one of the most important financial decisions a family will ever make, and our role is to make sure that decision continues to pay off long after the policy is signed,” added Hitchcock-Gear. “Protection IUL reflects how we are evolving our portfolio to keep pace with what customers and financial professionals want from us.”
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of June 30, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.
Prudential Protection IUL is issued by Pruco Life Insurance Company and, in New York, by Pruco Life Insurance Company of New Jersey, both Prudential Financial companies located in Newark, NJ (ICC26-IULPR, ICC26-IULPR-CD, IULPR-2026, IULPR-CD-2026).
The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by The Prudential Insurance Company of America for itself and affiliates including Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (collectively “Pruco Life”). Standard & Poor’s®, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Pruco Life. Pruco Life’s products are not sponsored, endorsed, sold, or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of purchasing such product(s), nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index. S&P 500® index values are exclusive of dividends.
Nasdaq®, Nasdaq-100®, and Nasdaq-100 Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by The Prudential Insurance Company of America for itself and affiliates. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations.
The Corporations make no warranties and bear no liability with respect to the product(s).
The BenefitAccess Rider is available for an extra premium. Additional underwriting requirements and limits may also apply. Receiving benefits under the terms of the rider will reduce and may eliminate the death benefit. ICC18 VL 145 B6-2018 or VL 145 B6-2018.
Benefits paid under the BenefitAccess Rider are intended to be treated for federal tax purposes as accelerated life insurance death benefits under IRC §101(g)(1)(b). Tax laws related to the receipt of accelerated death benefits are complex, and benefits may be taxable in certain circumstances. Receipt of benefits may affect eligibility for public assistance programs such as Medicaid. Accelerated benefits paid under the terms of the Terminal Illness portion of the rider are subject to a $150 processing fee ($100 in Florida). Please consult your tax and legal advisors before initiating a claim.
To qualify for chronic illness benefits, you (the insured) must be certified as chronically ill by a licensed health care practitioner and not be expected to recover from the condition. To qualify for terminal illness benefits, you must be certified as terminally ill by a licensed physician. Chronic illness claims will require recertification by a licensed health care practitioner. Other terms and conditions may apply. This rider is not Long-Term Care (LTC) insurance, and it is not intended to replace LTC. The rider may not cover all of the costs associated with chronic or terminal illness. It is a life insurance accelerated death benefit rider and is generally not subject to health insurance requirements. The availability of the rider as well as terms and conditions may vary by state.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any clients or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing a client’s retirement savings. Clients seeking information about their particular investment needs should contact a financial professional.
Guarantees are based on the claims-paying ability of the issuing insurance company.
The National Association of Insurance and Financial Advisors announced that Robert M. Nelson, CLU, LUTCF, FSS, of Omaha, Nebraska, has been selected as the 2026 John Newton Russell Memorial Award recipient. The award is the highest honor accorded by the insurance industry to a living individual who has rendered outstanding services to the institution of life insurance and will be presented to Nelson at NAIFA’s Belong Awards Celebration on November 9 in Las Vegas.
Nelson entered the insurance business in 1973 and joined the National Association of Insurance and Financial Advisors (NAIFA), then known as NALU, the same year. He served NAIFA in leadership positions on the local, state, and national levels and was NAIFA’s National President during the 2001-2002 association year. The September 11, 2001, terrorist attacks on the United States occurred during the annual conference when Nelson was elected NAIFA President, and he provided steady and calm leadership while attendees were stranded far from home. Nelson’s credibility was increased by his Navy Intelligence career spanning 27 years, with four years of active duty service and 23 years in the Navy reserves. Nelson retired as a Navy Captain.
“It is fitting that Bob Nelson is joining the ranks of John Newton Russell Memorial Award honorees,” said NAIFA CEO Kevin Mayeux, CAE. “His service to NAIFA and dedication to financial success of his clients for more than 50 years is awe-inspiring. Whether in his capacity as a volunteer leader or financial professional, Bob has dedicated his life to ensuring the success and wellbeing of others. He epitomizes, at the highest level, the great work being done by NAIFA members and servant-leaders.”
In 1993 Nelson chaired a national task force to reform sales illustrations. Over three years, he testified 13 times at regulatory meetings and in front of the U.S. Senate, resulting in all 50 states changing their laws and adopting the joint task force’s major recommendations, including improved consumer reporting.
Nelson is an accomplished speaker on agent productivity and developed a “20-point day” system that he has presented to tens of thousands of agents in all 50 states and overseas. He has personally mentored dozens of agents and advisors through his association with the Million Dollar Round Table (MDRT). In his career Nelson has written over $1 billion worth of individual life insurance in addition to building a full- service financial services firm, Nelson Murphy Insurance & Investments, LLC.
Nelson has received numerous awards throughout his career, including NAIFA-Omaha Agent of the Year (1991), NAIFA-Omaha Hall of Fame (2003), NAIFA-Nebraska’s Distinguished Service Lifetime Achievement Award (2004), and induction into the NAIFA-National Hall of Fame (2025). Nelson was the founding President of his Rotary Club almost 50 years ago and was the first recipient of Northwest Omaha’s Distinguished Rotarian Award. In 2017, Nelson was inducted into his high school Hall of Fame (Omaha North High School).
Nelson served as a founding member on the Board and Executive Committee of the Omaha First Responder’s Foundation. He created a scholarship program for high school seniors with parents who are first responders and personally raised over $750,000 to endow it.
“Bob Nelson provided leadership that guided NAIFA through times that were difficult not just for our association, but for our profession and the entire nation,” said Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, Chair of the John Newton Russell Memorial Award Selection Committee. “Nelson always focused on improving our industry and the success of his fellow financial professions. He did this by serving as an expert speaker, trusted mentor, and influential political advocate. On behalf of the award selection committee, congratulations, Bob, on this much deserved honor.”
John Henry Russell created the John Newton Russell Memorial Award in 1942 as a tribute to his father, an influential leader in the life insurance industry and an early advocate of agent education. John Newton Russell served as NAIFA (then NALU) president from 1916 to 1917 and was a contributing founder of LIMRA International, The American College, and the Chartered Life Underwriter (CLU) designation.
HONG KONG–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good), and the Indonesia National Scale Rating of aaa.ID (Exceptional) of PT KB Insurance Indonesia (KB Indonesia) (Indonesia). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KB Indonesia’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also recognise the wide range of support provided by KB Indonesia’s parent, KB Insurance Co., Ltd. (KBI), which is fully owned by KB Financial Group Inc. (KB Group).
KB Indonesia’s risk-adjusted capitalisation is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by its strengthening of capital base through full profit retention. An offsetting factor in the balance sheet strength assessment includes considerable counterparty credit risk exposure to domestic (re)insurers with relatively weaker credit quality.
AM Best assesses KB Indonesia’s operating performance as adequate, with a return-on-equity ratio of 7.6% and a combined ratio of 102.5% (net/net) in 2025 under the new accounting standards (IFRS 17/9), as calculated by AM Best. The company’s underwriting profit is supported mainly by business from Korea Interests Abroad (KIA) and KB Group affiliates (KB Synergy), while other local business adds moderate volatility. Despite deterioration in 2025, AM Best expects KB Indonesia’s underwriting performance to benefit from its efforts to expand KIA and KB Synergy business and other mitigative underwriting measures. The company’s conservative investment portfolio provides stable investment profits that provide a buffer against its volatility in the underwriting side.
As a joint venture between KBI (70%) and PT AB Sinar Mas Multifinance (30%), KB Indonesia is a small-sized non-life insurer domiciled in Indonesia. The company’s business sourcing channels have become increasingly diversified, following the entries of KB Group affiliates in Indonesia as part of the group’s overseas expansion. However, diversification into local business remains limited. KB Indonesia’s business profile exhibits concentration by line of business and geography.
KB Indonesia receives rating enhancement from implicit and explicit support from its parent, KBI, as it plays an important role in KB Group’s overall expansion strategy in Indonesia’s insurance market and benefits from the group’s network and distribution channels there. AM Best expects that the parent will provide capital support to KB Indonesia if needed, as evidenced by KBI’s public announcement to support the company fully in fulfilling the strengthened domestic capital requirements that will be applied over the coming years. AM Best expects that KB Indonesia’s planned change in organisational structure with a new intermediate holding company will lead to a more efficient decision-making process and stronger synergy among affiliates in Indonesia, while the support from the group and KBI remains unchanged.
Negative rating actions could arise if KB Indonesia’s risk-adjusted capitalisation significantly deteriorates, such as from heightened credit risk following major loss events or from excessive business expansion that materially outpaces capital growth. Negative rating actions also could occur for KB Indonesia if support from KBI and the group is reduced to an extent that no longer supports the current level of rating enhancement. Positive rating actions could arise if KB Indonesia’s operating performance improves and reaches a level that positively distinguishes the company from its industry peers in a sustainable manner.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
NEW YORK–(BUSINESS WIRE)–
The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) today announces its unaudited financial results for the quarter ended June 30, 2026. Westaim recorded a net loss of $81.5 million ($2.45 diluted loss per share) for Q2 2026 compared to a net loss attributable to controlling interests of $0.2 million ($0.01 diluted loss per share) for Q2 2025.
“Within our Insurance segment, we continue to experience solid support from our national distribution partners, generating $303 million of premiums during Q2 and more than $660 million of premiums issued and pending through July 31, 2026. Ceres’ invested assets increased to $445 million as of June 30, 2026, all supported by the accelerating pace of our annuity policy issuances. In particular, we are very pleased with Ceres’ AI native technology platform, which, as we scale, can automate 85% of operations and substantially scale the current volume with minimal additions to the infrastructure and employee base, positioning Ceres Life to drive higher return on equity than industry peers.
Within our Asset Management segment, we have made meaningful progress towards step-function growth in AUM1 over the coming quarters, driven by new product lines and strategic joint partnerships. In addition, we have implemented more than $16 million worth of gross annualized run-rate savings, which we expect to become increasingly evident in our future results. These actions reflect our continued focus on aligning our cost structure with strategic priorities and driving sustainable improvement.” said Cameron MacDonald, Chief Executive Officer of Westaim.
“We look forward to providing additional context on our AUM growth, strategic partnerships and financial outlook at our Investor Day on Thursday, September 17, 2026.”
Leadership Update
Westaim also announced today that Deanna Mulligan, Chief Executive Officer of Ceres Life, will transition to the role of Ceres Strategic Advisor. Erik Askelsen, Chief Legal Officer of Ceres, will be promoted to President of Ceres and will be named Acting Chief Executive Officer.
“It has been an honor and a privilege to serve as Ceres Life’s CEO since its founding. As an advisor and an investor, I look forward to Ceres’ continued growth under Erik’s capable leadership,” said Ms. Mulligan.
Further, Mr. MacDonald added, “Erik joined us in 2025 with a strong leadership background in the annuity industry, having worked at Athene and American Equity. We look forward to Erik’s leadership of Ceres and wish Deanna well in her new role as Ceres Strategic Advisor.”
Chinh Chu, Executive Chairman of the Board for Westaim, added, “Deanna has been instrumental in the maturation of Ceres Life from an idea into a growing annuity platform, assembling the team, the technology and the risk framework that the business runs on today. On behalf of the Board, I want to thank her for her leadership as founding Chief Executive Officer of Ceres Life, and I am glad we will continue to have the benefit of her counsel as a Strategic Advisor.”
Mr. Askelsen brings more than 25 years of insurance, regulatory and operating leadership experience. He joined Ceres Life in March 2025 as Chief Legal Officer, where he has been a member of the executive team building the company’s de novo annuity platform. Mr. Askelsen has significant experience in the life and annuity industry, serving previously as Chief Legal Officer of American Equity and as General Counsel of Athene and Aviva USA, leading providers of fixed annuity products. He has also served as Chief Legal Officer and Chief Operating Officer of a payments and technology services provider and been a partner in two law firms earlier in his career.
Insurance
The Insurance segment, which primarily operates through Ceres Life Insurance Company (“Ceres” or “Ceres Life”), reported an Adjusted EBITDA2 loss of $65.0 million and $85.1 million for the three and six months ended June 30, 2026. The results include net insurance service losses of $56.8 million and $67.9 million and operating expenses of $17.0 million and $31.2 million for the three and six month periods, respectively. These amounts were partially offset by interest income of $8.0 million and $13.2 million, respectively.
Our financial results reflect the early-stage nature of our insurance business. Net insurance service results remain negative as Ceres continues to scale issuance of new multi-year guaranteed annuity (“MYGA”) and fixed indexed annuity (“FIA”) policies. As we discussed last quarter, under applicable IFRS accounting treatment, both products require Ceres to recognize reserves for future policyholder obligations at the time policies are issued. This differs from US GAAP and results in upfront accounting losses on new business, including a $56.8 million reserve recognized during the quarter.
Insurance service results face near-term ramp up pressure as Ceres added $15.1 million and $288.1 million in MYGA and FIA premiums during the quarter. We continue to expect these contracts to contribute positively to operating results over time as premiums are invested, and the portfolio earns returns in excess of crediting rates. However, near-term accounting results are expected to be pressured while new business growth remains significant relative to the size of the in-force book. As the business matures and earnings from in-force contracts increasingly offset losses associated with new policy issuances, we expect this accounting impact to moderate.
Current-quarter operating expenses include approximately $1.4 million of platform build-out costs. As Ceres continues to scale and improve operating efficiency, we expect operating expenses as a percentage of policies written to decline meaningfully over time.
Asset Management
The Asset Management segment, which primarily operates through Arena Investors Group Holdings, LLC and its subsidiaries and affiliates (“Arena”), reported an Adjusted EBITDA loss of $8.0 million and $15.2 million for the three and six months ended June 30, 2026. Adjusted EBITDA for the three and six months ended June 30, 2026, included $5.9 million and $13.6 million, respectively, of management, servicing and other fee revenues less negative incentive and performance fees due to marks on unrealized positions.
As of June 30, 2026, our AUM and Programmatic Capital3 totaled $4.5 billion, with fee-paying AUM of $2.7 billion, of which $0.6 billion was managed on behalf of our Insurance segment. We continue to advance new business initiatives and partnerships that we believe can drive meaningful growth in fee paying AUM and third-party capital through the remainder of 2026 and into 2027.
We have continued to take significant steps to reduce our cost base, and we expect the benefits of these initiatives to become increasingly visible in the second half of 2026. As we continue to grow fee-paying AUM on a more efficient operating platform, we believe the business is well positioned to progress toward consistent profitability.
Corporate and Other Investments Activity
While Corporate is not considered a separate operating segment, the Corporate column in our segment reporting includes activities that reside outside of our two operating business segments. These activities include investments within the FINCOs, other cash and investments held outside the operating segments, compensation costs, including share-based compensation, for employees and directors not allocated to the operating segments, and other corporate overhead expenses.
We continue to make progress monetizing assets within the FINCOs, which had an investment balance of $116.4 million as of quarter end.
The Company continued its 2026 Normal Course Issuer Bid (“NCIB”), repurchasing 16,686 common shares at a cost of C$0.4 million. As of June 30, 2026, the Company held 306,959 shares in treasury.
Westaim’s Rebrand
On Monday, September 14, 2026, Westaim will be unveiling its new name and rebrand, marking a significant milestone in the Company’s evolution.
Investor Day
We are pleased to invite existing and prospective investors to Westaim’s Annual Investor Day, which will be held on Thursday, September 17, 2026, at 9:30 a.m. (Eastern Time) at the Met Life Building, 200 Park Ave, 8th Floor, New York City, New York. The agenda will include a business overview and discussion with the management teams of Westaim, Ceres Life Insurance Company, Arena Investors and CC Capital Partners, LLC, followed by a question-and-answer session.
We do hope you can join in-person or virtually via a live stream. REGISTER HERE
1
AUM is a non-GAAP measure. AUM refers to the assets for which Arena Investors provides investment management. AUM is generally based on the net asset value of the funds managed by Arena Investors plus any unfunded commitments. Arena Investors’ calculation of AUM may differ from the calculations of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. Arena Investors’ calculations of AUM are not based on any definition set forth in the governing documents of the investment funds and are not calculated pursuant to any regulatory definitions. See “Non-GAAP Financial Measures” below.
2
The Company uses both IFRS and non-generally accepted accounting principles (“non-GAAP”) measures to assess performance. Adjusted EBITDA is a non-GAAP measure defined by the Company as earnings before depreciation, amortization, taxes, interest on financing activities, as further adjusted for other items that are considered unusual or not representative of underlying trends of our business. Interest on investment activities is viewed as a core element of the business for both the Asset Management and Insurance segments, and therefore remains included in the Adjusted EBITDA metric.
3
Programmatic Capital is a non-GAAP measure. Programmatic Capital includes callable capital to non-discretionary separately managed accounts and certain pooled investment vehicles. See “Non-GAAP Financial Measures” below.
Segment Results
As a result of the strategic transaction with CC Capital and in accordance with IFRS, the Company now manages its operations and reports its financial results in two operating business segments: Asset Management and Insurance. Other activity for the Company outside of these two operating segments is reported in the Corporate column of our segment reporting.
For the three months ended June 30, 2026
(US$ in millions)
Asset Management
Insurance
Corporate
Eliminations
Consolidated
Total Revenue
$
5.9
$
8.0
$
1.7
$
(1.6
)
$
14.0
Net results of investments
(0.2
)
0.8
(5.6
)
1.1
(3.9
)
Net insurance service results
—
(56.8
)
—
—
(56.8
)
Total Expenses excluding depreciation, amortization, and income taxes
13.7
17.0
4.0
(1.6
)
33.1
Earnings before depreciation, amortization, and income taxes (“Adjusted EBITDA”)
(8.0
)
(65.0
)
(7.9
)
1.1
(79.8
)
Depreciation and amortization (expense)
(1.2
)
(1.0
)
—
—
(2.2
)
Severance related expenses
(1.0
)
—
—
—
(1.0
)
(Loss) profit before income taxes
(10.2
)
(66.0
)
(7.9
)
1.1
(83.0
)
Income taxes recovery (expense)
—
—
1.5
—
1.5
Net (loss) profit
(10.2
)
(66.0
)
(6.4
)
1.1
(81.5
)
Other comprehensive income (loss)
—
1.0
—
—
1.0
Net (Loss) profit and comprehensive (loss) income
$
(10.2
)
$
(65.0
)
$
(6.4
)
$
1.1
$
(80.5
)
NOTE: Schedule subtotals and totals may be impacted by rounding.
For the six months ended June 30, 2026
(US$ in millions)
Asset Management
Insurance
Corporate
Eliminations
Consolidated
Total Revenue
$
13.6
$
13.2
$
3.6
$
(2.9
)
$
27.5
Net results of investments
(0.2
)
0.8
(4.8
)
1.0
(3.2
)
Net insurance service results
—
(67.9
)
—
—
(67.9
)
Total Expenses excluding depreciation, amortization, and income taxes
28.6
31.2
8.1
(2.9
)
65.0
Earnings before depreciation, amortization, and income taxes (“Adjusted EBITDA”)
(15.2
)
(85.1
)
(9.3
)
1.0
(108.6
)
Depreciation and amortization (expense)
(2.4
)
(1.9
)
—
—
(4.3
)
Severance related expenses
(4.1
)
—
—
—
(4.1
)
(Loss) profit before income taxes
(21.7
)
(87.0
)
(9.3
)
1.0
(117.0
)
Income taxes recovery (expense)
0.4
—
1.8
—
2.2
Net (loss) profit
(21.3
)
(87.0
)
(7.5
)
1.0
(114.8
)
Other comprehensive income (loss)
—
0.5
—
—
0.5
Net (Loss) profit and comprehensive (loss) income
$
(21.3
)
$
(86.5
)
$
(7.5
)
$
1.0
$
(114.3
)
NOTE: Schedule subtotals and totals may be impacted by rounding.
This press release should be read in conjunction with Westaim’s unaudited interim consolidated financial statements (the “Financial Statements”) and management’s discussion and analysis for the three and six months ended June 30, 2026 and 2025 (the “MD&A”) which were filed on SEDAR+ at www.sedarplus.ca. These documents and the Company’s Q2 2026 Investor Presentation can be found on the Company’s website at www.westaim.com.
Non-GAAP Financial Measures and Ratios
Westaim reports its Financial Statements using Generally Accepted Accounting Principles (“GAAP”) and accounting policies consistent with International Financial Reporting Standards (“IFRS”). Westaim uses both IFRS and non-GAAP measures and ratios to assess financial performance of its business, including in this press release Adjusted EBITDA, AUM and Programmatic Capital. The Company cautions readers that non-GAAP measures and ratios do not have a standardized meaning under IFRS, should not be considered alternatives to performance measures determined in accordance with IFRS and are unlikely to be comparable to similar measures used by other companies. Readers are urged to review Section 15 Non-GAAP Measures in the MD&A (available on SEDAR+ at www.sedarplus.ca) which is incorporated by reference into this news release for quantitative reconciliations of non-IFRS measures to the most directly comparable IFRS financial measures.
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. 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. Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions. For more information, see www.arenaco.com.
The 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 expected results of gross annualized run-rate savings, MYGA and FIA policies contributing positively to operating results, pressure on near term accounting results, future growth in third-party capital, anticipated benefits of reductions of the cost base in the Asset Management segment, growth in fee-paying AUM driving toward consistent profitability, return on equity, timing of name change and rebrand, and timing of the Investor Day. 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.
Forward-looking statements are based on the opinions and estimates of management of Westaim at the date the statements are made based on information then available to Westaim. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements including past practice of the Company. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Westaim, which may cause Westaim’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in its annual information form for its fiscal year ended December 31, 2024.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
A Bismarck man was sentenced to two years in prison Wednesday after being convicted of insurance fraud in a case involving his dead wife.
John Unruh was convicted of committing a fraudulent insurance act with an attempt over $50,000 that carries a maximum sentence of 10 years in prison at a one-day trial held May 12. A previously set unsecured bond of $500 was revoked and Unruh was ordered held while a presentence investigation was conducted.
The report that resulted from the investigation was described by both a prosecutor and a judge as very comprehensive and recommended Unruh receive mental health services while incarcerated. Those services were ordered by South Central District Judge James Hill.
“The mental health component of this case is very significant,” the judge said.
The report indicated that Unruh suffered or suffers from depressive behaviors brought on by the stressor of his wife’s unexpected death but also previously exhibited what was described as chronic aggressive behaviors that led to a criminal history including instances of violence, according to Hill.
Background of events
Unruh, 42, reportedly took out a $225,000 life insurance policy through Mutual of Omaha on his wife, Jade, in April 2025, about two months after she had died of influenza and pneumonia on Feb. 10, according to prosecutors. An autopsy was conducted on Jade Unruh before she was buried and John Unruh tried to collect on the policy about a week after the policy was written, according to an affidavit.
When the insurance company notified Unruh that his premium was being refunded because his wife had died before the policy took effect, Unruh maintained he should receive $100,000 through a clause that guaranteed the payment since the policy had been written.
Unruh claimed that he had told the insurance agent who wrote the policy that his wife was already deceased, but the agent disputed that, according to the affidavit.
A state insurance fraud investigator said Unruh acted as his dead wife in taking out the policy and signing her names on documents, and attempted to get a payout for a policy he obtained under false information.
Conflicting statements
In her sentencing recommendation, which was adopted, Assistant Burleigh County State’s Attorney Britta Joyce noted that Uhruh has admitted signing documents related to the insurance policy, but recanted that statement during his own testimony at trial.
Hill also noted the inconsistency regarding Unruh’s statements during his testimony versus evidence presented by the prosecution and told Unruh, “I don’t believe you told the truth.”
“You were found guilty beyond a reasonable doubt by a jury,” Hill said. “The verdict came back pretty fast.”
Joyce also noted the need for mental health and chemical dependency services, saying that while Unruh may have told the PSI writer he wasn’t interested in mental health services and he didn’t use drugs, interviews with his own family members showed a pattern of conduct indicating those services are needed.
Defense attorney Thomas Glass had recommended a time served sentence and three years of supervised probation, telling Hill that mental health and chemical dependency services could effectively be accessed outside the penitentiary and included in conditions of probation.
“He needs grief counseling,” Glass said. “He’s been remorseful with me. He recognizes his behavior.”
Hill said a time served sentence followed by supervised probation was an inappropriate resolution based on the jury’s verdict and information contained within the PSI.
“There has to be a punitive nature,” Hill said.
Unruh will receive credit for slightly more than three months spent in custody since being found guilty. Hill also ordered Unruh to undergo mental health and chemical dependency evaluations and to complete any recommended treatments while incarcerated.
Unruh was also ordered to serve three years of supervised probation that will not begin until he’s released from prison.
Regulators received about 90 pages of pushback from insurers, credit rating agencies, trade groups and other stakeholders on their plan to step up oversight of credit ratings agencies.
The Credit Rating Provider Working Group met Wednesday at the National Association of Insurance Commissioners’ summer meeting in Columbus, Ohio. The panel is considering a due diligence process for evaluating the credit rating providers whose ratings insurers rely on to determine regulatory capital requirements.
Regulators want to end the blind reliance on external credit rating agencies to help ensure that insurance companies are not hiding high-risk assets behind inflated credit grades. Industry ratings have come under fire recently for a variety of reasons.
Jake Garn is director of the Financial Regulation and Licensing Division at the Utah Insurance Department. He also chairs the working group.
“Neither the NAIC nor the framework will tell [credit ratings providers] what their methodology must be or how to do their jobs,” Garn said at the outset of the meeting. “The framework is simply the NAIC taking another step in becoming more responsible, educating educated users of ratings, and in doing so, aligning ourselves with the purpose and objective of the 2006 Credit Rating Agency Reform Act.”
The proposal will not improperly regulate nationally recognized statistical rating organizations, or NRSROs, a responsibility reserved for the Securities and Exchange Commission, Garn said.
Regulators said no action will be taken on the proposal until regulators review the comments and work with staff and consultant PwC to prepare a revised draft.
So many questions
The American Council of Life Insurers, joined by the Private Placement Investors Association and the National Association of Securities Valuation Analysts, said it supports establishing a framework but urged regulators to implement it carefully because remediation actions could have significant effects on insurers and capital markets.
Several key elements, including how securities will be segmented, how spreads will be compared and what standards will trigger remediation, remain undeveloped, noted Adam Knepp, senior director of accounting policy at the ACLI.
“As the framework evolves, we encourage regulators to continue providing transparency and opportunities for public comment, consistent with the approach taken for this initial proposal,” he added.
The groups urged the NAIC to continue providing public comment opportunities as the proposal evolves.
Representatives of major credit rating agencies expressed support for the NAIC’s goal of strengthening confidence in ratings used for insurance regulation but argued the framework should focus on rating performance and governance rather than comparing one agency ratings.
Fitch: Be consistent
In its letter, Fitch Ratings recommended evaluating agencies using historical default and transition data, consistent with SEC oversight and banking regulators’ practices in the United States, Europe and the United Kingdom.
KBRA similarly supported a structured, risk-based framework but warned that differences among rating providers should not automatically be viewed as evidence of weak analysis.
“The focus should remain on the integrity of a credit rating provider’s governance, controls, transparency, and analytical processes, not on convergence of independent rating opinions,” said Ryan Mensing, managing director of regulatory and government affairs for KBRA. “The analytical viewpoints are critical to healthy and competitive credit markets and help promote market efficiency, innovation, and resilience.”
Independent methodologies are essential to healthy credit markets and warned against creating incentives for agencies to produce similar ratings, S&P Global Ratings pointed out.
The company argued that encouraging convergence could increase systemic risk by promoting “herd behavior” among rating agencies.
“Adopt an approach that distinguishes between legitimate analytical diversity among CRPs, including whether securities have the benefit of being rated by multiple CRPs, and genuine outliners that warrant further information,” said Diana Hui, industry outreach director in the Chief Client Office at S&P Global.
‘Unchecked discretion’
Pinpoint Policy Institute Executive Director Eric Ventimiglia was among the proposal’s strongest critics, arguing the framework could exceed the NAIC’s authority by effectively evaluating rating methodologies that federal law reserves to the SEC.
The organization also questioned whether the proposal provides adequate due process, legal authority and cost-benefit analysis for actions that could remove rating providers or asset classes from regulatory use.
The NAIC has declined to define terms such as “reasonable,” “material,” “equivalent,” “systematic disagreement,” Ventimiglia said.
“A framework that can result in CRP de-admittance or asset class removal, while avoiding definitions for its own triggering standards, is not a framework. It is unchecked discretion,” he said.
In addition, Ventimiglia raised concerns about expanding confidential data submissions following a cybersecurity incident involving the NAIC and urged regulators to strengthen data protection commitments before moving forward.
Working group members acknowledged recurring concerns about how the framework would evaluate newer asset classes, customized investments and private credit, where limited historical performance data often exists.
HOUSTON–(BUSINESS WIRE)–
The Manhattan Life Insurance Company announced that it completed the acquisition of Union Security Life Insurance Company of New York from Assurant, Inc. in March 2026. Following completion of the regulatory review process for public communications regarding the transaction, The Manhattan Life Insurance Company is now publicly announcing the acquisition.
Founded in 1971, Union Security Life Insurance Company of New York offers life insurance, annuities, and accident and health products in the State of New York. This will be ManhattanLife’s second charter in the state, expanding the Company’s presence.
“This acquisition underscores ManhattanLife’s proven ability to successfully execute transactions and operate effectively,” said David Harris, Chief Executive Officer and Chairman of ManhattanLife. “Earning our second charter in the State of New York is a significant milestone that reflects the State’s continued confidence in ManhattanLife’s financial stability and long-term commitment to policyholders.”
ManhattanLife brings a dedicated operations team and sophisticated systems to Union Security, as part of a broader service model that includes access to live customer support.
“The acquisition of Union Security reinforces ManhattanLife’s ongoing growth strategy and demonstrates that we remain an active, trusted participant in the market continuing to make strategic acquisitions, expand our reach, and strengthen the value we deliver to our partners and policyholders,” said Tyler Harris, President of ManhattanLife.
About ManhattanLife
ManhattanLife, founded in 1850, is one of the oldest privately-held insurance companies in the United States. The Company offers a diversity of high-quality supplemental products across Individual Life & Health Insurance, Employer Group Benefits and Annuities through its four charters — The Manhattan Life Insurance Company, ManhattanLife Insurance and Annuity Company, Western United Life Insurance Company and Standard Life & Casualty Insurance Company. The organization has completed over 100 company and block acquisitions.
About Union Security Life Insurance Company of New York
Union Security Life Insurance Company of New York offers life insurance, annuities and accident and health products in the State of New York.
BELLEVUE, Wash.–(BUSINESS WIRE)–
Symetra Life Insurance Company today announced that it has been named to the 2026 PEOPLE® Companies That Care List, coming in at No. 80 among the 100 organizations recognized. Compiled by Great Place To Work® and PEOPLE magazine, the annual list honors companies that “achieve business success while also showing remarkable care for their people, their communities, and the planet.” This is Symetra’s second consecutive appearance on the list.
Symetra, a national provider of life, retirement and employee benefits insurance products, was named to the 2026 PEOPLE® Companies That Care list.
“We are very proud to once again be recognized by PEOPLE and Great Place to Work. Investing in our employees and in our communities and creating positive impact has always been a defining part of Symetra’s culture,” said Margaret Meister, president and CEO, Symetra Financial Corp. “Our people are a driving force behind our success. We will continue to grow Symetra’s culture of empowerment by fostering a workplace where employees are supported and equipped to make a meaningful impact, and we’ll continue to lean into our responsibility as a committed corporate citizen actively contributing to the wellbeing of the communities we serve.”
The PEOPLE Companies That Care List is based on over 1.3 million employee survey responses and data from Great Place To Work Certified companies like Symetra, representing the experience of more than 7.3 million employees. Nearly 970,000 surveys came from employees at companies eligible for this year’s list, and these rankings are based on that feedback.
Companies also submit essays that are validated by employee survey data to give a complete picture of the way an organization cares for its employees, its community, and the planet. Ninety percent of Symetra’s surveyed employees said the company is a great place to work and 94 percent said they felt good about the ways Symetra contributed to the community.
“We’re proud to celebrate companies that lead with purpose by supporting their employees, strengthening their communities, and driving positive change,” said Charlotte Triggs, PEOPLE editor in chief. “Their commitment to positive impact reflects PEOPLE’s longstanding mission to celebrate stories of inspiring people whose actions create lasting impact.”
The 2026 Companies That Care designation is Symetra’s most recent recognition. In July, the company was Great Place to Work Certified for the fifth consecutive year. Earlier in the year, the company received the 2026 Community Champion award from the Puget Sound Business Journal at theirannual Corporate Citizenship Awards and earned a platinum rating on the 2026 Where You Work Matters list.
To learn more about Symetra’s corporate social responsibility initiatives and how the company supports employees’ volunteerism and giving efforts, visit Symetra Social Impact.
About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.
About Great Place To Work
As the global authority on workplace culture, Great Place To Work, a UKG company, brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Its proprietary platform and Great Place To Work Model help companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified and receiving recognition on a coveted Best Workplaces list.
About the PEOPLE Companies That Care List
Great Place To Work selected the 2026 PEOPLE Companies That Care List by gathering and analyzing over 1.3 million confidential survey responses from companies representing more than 7.3 million U.S. employees at Great Place To Work Certified organizations. Of those, nearly 970,000 responses came from employees at companies eligible for the list and these rankings are based on that feedback. Company rankings are derived from 60 employee experience questions within the Great Place To Work Trust Index Survey and essays submitted by participating companies.
PEOPLE’s Companies That Care Logo® is a registered trademark of TI Gotham, Inc., a Dotdash Meredith company. Used under license.
, coming in at No. 80 among the 100 organizations recognized. Compiled by Great Place To Work® and PEOPLE magazine, the annual list honors companies that “achieve business success while also showing remarkable care for their people, their communities, and the planet.” This is Symetra’s second consecutive appearance on the list.