Market Overview

Haven Holdings Completes Acquisition of Time Insurance Company


Haven Holdings Inc. ("Haven Holdings") announced that effective December
3, 2018, it has closed the acquisition of 100% of the issued and
outstanding shares of capital stock of Time Insurance Company, an
insurance company organized under the laws of the State of Wisconsin,
from Interfinancial Inc., a wholly-owned subsidiary of Assurant, Inc.

Immediately following the closing, Time Insurance Company redomesticated
to the Commonwealth of Puerto Rico and has changed its name to Time
Insurance Company II.

The change of control of Time Insurance Company and its exit from
Wisconsin was approved by the State of Wisconsin Office of the
Commissioner of Insurance, and the redomestication and entry to Puerto
Rico was approved by the Commonwealth of Puerto Rico Office of the
Commissioner of Insurance.

Policyholder services will remain in place and are expected to remain

Following the closing, the assets of Time Insurance Company II will be
managed by Haven Asset Management (Insurance) LLC, an S.E.C. registered
investment advisor based in Greenwich, Connecticut.

In connection with this transaction, Foley & Lardner LLP represented
Haven Holdings and Sullivan & Cromwell LLP represented Assurant, Inc.

About Time Insurance Company

Time Insurance Company was formed in Wisconsin in 1892 as the LaCrosse
Mutual Aid Association. In 1990, the company became Fortis Insurance
Company and was for many years an active national provider of annuities
and life insurance, disability insurance, long-term care insurance and
health insurance. In 2004, the company became a subsidiary of Assurant,
Inc., and in 2005 changed its name back to Time Insurance Company.
Assurant placed the company in runoff at the end of 2015.

About Assurant, Inc.

Assurant, Inc. (NYSE:AIZ) is a global provider of risk management
solutions, protecting where consumers live and the goods they buy. A
Fortune 500 company, Assurant focuses on the housing and lifestyle
markets, and is among the market leaders in mobile device protection and
related services; extended service contracts; vehicle protection
products; pre-funded funeral insurance; renters insurance; and
lender-placed homeowners insurance. Assurant has a market presence in 21
countries, while its Assurant Foundation works to support and improve

About Haven Holdings Inc.

Haven Holdings Inc. is an insurance holding company with headquarters in
San Juan, Puerto Rico. Haven Holdings Inc. was formed to acquire closed
blocks of insurance policies in runoff, with the goal of creating
long-term value for its stakeholders through carefully structured
acquisitions and focused asset and liability management. Haven Holdings
Inc. is actively seeking closed blocks of annuities, life insurance,
long-term care insurance, long-tail disability insurance, health
insurance, pre-need insurance, other long-tail property and casualty
insurance, workers comp insurance and structured settlements.

About Time Insurance Company II

Time Insurance Company II is an insurance company with headquarters in
San Juan, Puerto Rico. Time Insurance Company II holds an insurance and
reinsurance license, as a Chapter 61 international insurer, from the
Commonwealth of Puerto Rico Office of the Commissioner of Insurance,
which is an accredited member of the National Association of Insurance
Commissioners (the NAIC). Time Insurance Company II is also a licensed
insurer in 49 states. Time Insurance Company II is a wholly-owned
indirect subsidiary of Haven Holdings Inc.

About Haven Asset Management (Insurance) LLC

Haven Asset Management (Insurance) LLC is an S.E.C. registered invest
advisor based in Greenwich, Connecticut, formed to pursue traditional
and alternative asset management on behalf of insurance companies and
other institutional investors. Haven Asset Management (Insurance) LLC
manages the assets of Haven Holdings Inc. and its insurance and
non-insurance subsidiaries.

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