Controlling Shareholder (Westaim) “May Consider” Opportunities To Enhance Growth & Value
Following Receipt Of “Several Unsolicited Enquiries” For Specialty Insurer HIIG = Let The Kabuki Dance Begin.

Against a backdrop of disappointing property/casualty (re)insurance pricing levels, but a very active/“hot” M&A market,
Canadian investment company Westaim disclosed that “in view of the ongoing industry consolidation and the receipt of several
unsolicited enquiries,” it “may consider opportunities to enhance the growth and value of HIIG.” We take this as a euphemism
that the Stephen Way led, Texas-based, specialty insurer Houston International Insurance Group (HIIG) is now “in play.” This
said, while Westaim is calling the shots as the GP of the controlling shareholder, any buyer would be well served to structure a
transaction acceptable to Stephen Way/ HIIG’s senior managers (with continuing roles). According to the press release, there is
no definitive schedule for the consideration of alternatives or any related process (and no mention of an I-Banker yet hired to
facilitate any process).

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