BMS Capital Advisory leads capital raise by Brotherhood Mutual Insurance Company

New York, NY: April 11, 2022 – BMS Capital Advisory (BMS CA) announces the
successful completion of a US$45m private placement of surplus notes issued by
Brotherhood Mutual Insurance Company (Brotherhood) to funds managed by Dekania
Capital Management, an indirect investment advisory subsidiary of Cohen & Company (NYSE
American: COHN), with a specialist practice providing debt capital to small and mid-sized
mutuals and insurers. The notes carry a fixed rate of 6.00% with a 20-year term. The
proceeds of the offering will primarily be used by Brotherhood for general corporate
purposes and to support the company’s growth. BMS CA acted as an exclusive financial
advisor and placement agent to Brotherhood.

Matthew Hirschy, senior vice-president and treasurer at Brotherhood, said: “Brotherhood
Mutual is excited about the issuance and placement of its surplus notes through BMS Capital
Advisory. This allows us to continue to innovate and explore additional solutions to protect
Christian ministries, schools, and colleges.”

Alex Orloff, managing director at BMS CA, added: “We are pleased to have secured a
financing solution that reflects Brotherhood’s strong market position, consistent value
creation, and industry leading management. BMS Group as a whole is delighted to expand
the range of services provided to Brotherhood, as we remain focused on offering holistic
solutions for capital management and strategic development to our clients across
reinsurance, legacy, rating advisory, and capital markets.”

John Butler, managing director at Cohen & Company, said: “We are delighted to be able
deploy our deep insurance industry expertise to support Brotherhood Mutual with
regulatory-qualifying capital as they continue to develop their very successful business. We
look forward to a long and mutually beneficial relationship with their highly talented
management team over the coming years.”

Ends

For further information please contact:
Haggie Partners
Peter Rigby, Ben Abbotts, Olivia Fatkin-Kane
Tel: + 44 20 7562 4444
bms@haggie.co.uk

About Brotherhood Mutual:

Brotherhood Mutual provides innovative insurance products, risk management resources,
and payroll services specifically designed for churches, ministries, schools, and colleges. In
partnership with its independent agents, Brotherhood Mutual serves more than 65,000
ministries and Christian academic institutions in 47 states and the District of Columbia.

About BMS Capital Advisory

BMS Capital Advisory is a full-service broker-dealer focused on to expanding BMS Group’s
range of solutions available to clients by bringing capital product offerings to current and
prospective customers. Working seamlessly with other teams across BMS Group including
reinsurance brokerage, legacy, and rating advisory, BMS Capital Advisory assists insurance
underwriters and distributors, institutional investors in private and listed securities, as well
as other counterparties in the execution of select corporate finance engagements, such as
mergers & acquisitions, capital raises, and insurance linked securities offerings.

About Cohen & Company

Cohen & Company is a financial services company specializing in fixed income markets and,
more recently, in SPAC markets. It was founded in 1999 as an investment firm
focused on small-cap banking institutions but has grown to provide an expanding range of
capital markets and asset management services. Cohen & Company’s operating segments
are Capital Markets, Asset Management, and Principal Investing. For more information,
please visit www.cohenandcompany.com.