Mount Logan Capital and 180 Degree Capital Combine to Form US Exchange-Listed Platform

Mount Logan Capital Inc. (Cboe Canada: MLC) and 180 Degree Capital Corp. (Nasdaq: TURN) have announced a definitive agreement to combine in an all-stock transaction, creating a US exchange-listed alternative asset management and insurance solutions platform with over $2.4 billion in assets under management. The combined entity, Mount Logan Capital Inc., will operate as a Delaware corporation listed on Nasdaq under the symbol MLCI.

The transaction is expected to bring together Mount Logan's unique platform in the alternative asset management and insurance solutions space with 180 Degree Capital's track record of investing in public markets and deep network of relationships. This combination is expected to drive significant strategic and financial benefits in the immediate and longer-term future.

Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, stated, "We are incredibly excited to embark on the next phase of Mount Logan's journey with 180 Degree Capital and its team, including Kevin and Daniel. We view the transaction as a significant milestone for both Mount Logan and 180 Degree Capital shareholders, as we believe our team has built a unique platform, which is well positioned to take advantage of the opportunities we see in the alternative asset management and insurance solutions space. Through the combination with 180 Degree Capital, we will have a larger balance sheet that allows us to scale through investment into other organic and inorganic growth opportunities, benefitting all key stakeholders. The combination also creates alignment among all shareholders who will now share in the upside of a larger company, aligned towards two of the fastest growing segments in the financial services space. Coming together in this merger is a logical and exciting next step for both platforms that we believe will drive significant strategic and financial benefits in the immediate and longer-term future. We look forward to seeking to both accelerate our growth initiatives and enhance returns for all shareholders, while remaining focused on delivering strong performance across our investment strategies for the combined benefit of investors and policyholders."

Kevin Rendino, Chief Executive Officer of 180 Degree Capital, said, "We could not be more pleased to share today's announcement with our shareholders. Our proposed combination with Mount Logan is the next step in the evolution of our business since Daniel and I took over day-to-day management of 180 Degree Capital in 2017. Throughout our discussions with Ted and his team, we instantly realized similarity of thought processes regarding investments, corporate culture, future opportunities for growth, and focus on taking steps to unlock value for our respective shareholders. We are delighted to agree to combine with a premier credit asset manager where our capabilities will be significantly enhanced."

Daniel Wolfe, President of 180 Degree Capital, added, "I share Kevin's excitement for how we believe the combination of our businesses can take each company, and value creation for shareholders particularly, to the next level. This proposed combination is the culmination of options our Board has diligently evaluated to both maximize near-term value and provide the opportunity for future growth for shareholders of 180 Degree Capital. We couldn't be more pleased and are excited for the future as a combined entity."

The combined business is expected to pay quarterly dividends, subject to board approval, further incentivizing shareholders to support the growth initiatives. Mount Logan and 180 Degree Capital management will hold a conference call to discuss the transaction with the investment community on Friday, January 17 at 11:00 AM Eastern Time.



In conclusion, the combination of Mount Logan Capital and 180 Degree Capital is expected to create a powerful platform in the alternative asset management and insurance solutions space, with a strong pro forma balance sheet supporting investment into a highly actionable pipeline of organic and inorganic growth opportunities. The combined entity is expected to pay quarterly dividends, subject to board approval, and is poised to drive significant strategic and financial benefits in the immediate and longer-term future.