On October 29, 2021, InsCorp, Inc. closed the transaction. The company issued fixed-to-floating rate subordinated notes due 2031 for gross proceeds of $10,000,000. The transaction included participation from certain qualified institutional buyers and accredited investors. The notes will initially bear interest at 3.75% per year, payable semi-annually in arrears. From October 30, 2026, through the maturity date or earlier redemption, the interest rate will reset quarterly based on the then current three-month term SOFR plus 287 basis points, payable quarterly in arrears. Also beginning on September 30, 2026, through maturity, the notes may be redeemed in whole or in part, at the company's option. The notes will mature on October 31, 2031. The transaction included participation from 13 investors.