4 unchanged sentences
As of February 24, 2023, there were 7 holders of record of our common shares.
−Removed: We paid quarterly dividends of $0.30 per share from 2017 to the fourth quarter of 2021.
−Removed: On February 21, 2022, the Board of Directors declared a cash dividend of $0.05 per share.
+Added: We paid quarterly dividends of $0.05 per common share in 2022, and $0.30 per common share from 2017 to the fourth quarter of 2021.
+Added: On February 16, 2023, the Board of Directors declared a cash dividend of $0.05 per common share.
The dividend is payable on March 31, 2023 to shareholders of record on March 13, 2023.
−Removed: As described below, the amount of dividends that we may pay is restricted by the terms of our Series A Preferred Shares.
+Added: As described below, the amount of dividends that we may pay on our common shares is restricted by the terms of our Series A Preferred Shares.
+Added: We closed on the issuance and sale of 150,000 Series A Preferred Shares on March 1, 2022.
+Added: Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the $1,000 per share liquidation preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at our election.
+Added: On the five-year anniversary of the Closing Date, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S.
+Added: treasury rate plus 5.2%.
+Added: Dividends accrue and are payable quarterly.
+Added: During 2022, cash dividends of $8.8 million were declared, of which $2.6 million was payable at December 31, 2022.
+Added: On February 16, 2023, the Board of Directors declared a quarterly dividend on the Series A Preferred Shares.
+Added: The dividend of $2.6 million will be payable in cash on March 31, 2023 to shareholders of record on March 15, 2023.
+Added: The Certificate of Designations setting forth the terms of the Series A Preferred Shares limits our ability to pay dividends to our common shareholders.
+Added: If we pay cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, we will be required to reduce the conversion price of the Series A Preferred Shares.
+Added: Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries and direct Bermuda-based insurance subsidiary satisfy certain capital requirements.
+Added: Share dividends payable on the common shares to our shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares.
We are a holding company that has no substantial operations of our own, and we rely primarily on cash dividends or distributions from our subsidiaries to pay our operating expenses and dividends to shareholders.
10 unchanged sentences
income tax treaty.”
−Removed: We expect to close on the issuance and sale of 150,000 Series A Preferred Shares on March 1, 2022.
−Removed: Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the $1,000 per share liquidation preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at our election.
−Removed: On the five-year anniversary of the Closing Date, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S.
−Removed: treasury rate plus 5.2%.
−Removed: Dividends will accrue quarterly and will be payable on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2022.
−Removed: The Certificate of Designations setting forth the terms of the Series A Preferred Shares limits our ability to pay dividends to our common shareholders.
−Removed: If we pay cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, we will be required to reduce the conversion price of the Series A Preferred Shares.
−Removed: Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries and direct Bermuda-based insurance subsidiary satisfy certain capital requirements.
−Removed: Share dividends payable on the common shares to our shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares.
Additionally, the declaration, payment and amount of future dividends is further subject to the discretion of our board of directors.
2 unchanged sentences
Performance Graph
−Removed: The graph below compares the cumulative 5-Year total shareholder return of our common shares relative to the cumulative total returns of the Russell 2000 index and a selected peer group of six companies that includes Amerisafe Inc., Argo Group International Holdings Ltd, Kinsale Capital Group Inc., Markel Corp, RLI Corp and W.
−Removed: Berkley Corp.
+Added: The graph below compares the cumulative 5-Year total shareholder return of our common shares relative to the cumulative total returns of the Russell 2000 index and a selected peer group of six companies that includes Amerisafe, Inc., Argo Group International Holdings, Ltd, Kinsale Capital Group, Inc., Markel Corporation, RLI Corp.
+Added: Berkley Corporation.
The companies in the peer group are weighted by market capitalization.
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.