Midwest Holding, which underwrites and markets life insurance products in the US, filed on Tuesday with the SEC to raise up to $50 million in a public offering on the Nasdaq. The company is currently listed on the OTCQB under the ticker MDWT.
Midwest Holding is a financial services company that uses its technology platform and reinsurance-supported capabilities to develop and distribute insurance products through third-party independent marketing organizations (IMOs). The company operates through three subsidiaries: Nebraska-based life insurer American Life & Security, Vermont-based captive reinsurer Seneca Re, and Delaware LLC 1505 Capital, which provides advisory services. It also provides a cloud-based policy administration solution called m.pas, which currently operates as a division of American Life.
The Lincoln, NE-based company was founded in 2003 and booked $13 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol MDWT. Piper Sandler is the sole bookrunner on the deal. No pricing terms were disclosed.
