Proposed Acquisition of Control of CM Select Insurance Company by MGT Partners LLC, Michael Topol, Graham Topol, Riviera Capital Partners I, LP, Riviera Capital Partners II, LP, and Riviera Capital Partners SPV III, LP

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​Last updated: October 12, 2023

Information on the Acquisition of Control of CM Select Insurance Company

On April 14, 2023, a Form A Filing was submitted by MGT Partners LLC (“MGT"), Michael Topol, Graham Topol, Riviera Capital Partners I, LP (“RCP I LP"), Riviera Capital Partners II, LP (“RCP II LP"), and Riviera Capital Partners SPV III, LP (“RCP SPV III LP", and together the “Applicants") regarding the acquisition of control of CM Select Insurance Company (“CM Select"). The acquisition of control would occur pursuant to the purchase agreement. As stated in the form A, the purchase amount for the 4 million issued and outstanding common stock shares of CM Select common stock is expected to be $10 million plus statutory surplus of approximately $21.8 million, for a total of approximately $31.8 million. 

The applicants filed the following documents with the OCI

• Transmittal Letter
  
• Form A Filing
  
• Purchase Agreement 
  
• Pre-Transaction Organizational Chart
  
• Post-Transaction Organizational Chart
  
• List of Directors and Executive Officers of the Applicants 
  
• List of Proposed Directors and Executive Officers of CM Select
  
• Confidential Supplement Cover Letter​ 
  
• Directors and Executive Officers Biographical Affidavits [CONFIDENTIAL]
• Financial Projections of the Domestic Insurer [CONFIDENTIAL]
  
• Business Plan of the Domestic Insurer [CONFIDENTIAL]
• Bylaws of the Domestic Insurer [CONFIDENTIAL]
• Articles of Incorporation for the Domestic Insurer [CONFIDENTIAL]
  
• Investor Subscription Agreement [CONFIDENTIAL]
• Administrative Services Agreement [CONFIDENTIAL]
• Transition Services Agreement [CONFIDENTIAL]
  

Hearing Documents

• Notice of Hearing Notification
  
• Notice of Hearing
  
• List of Exhibits
  
• Recommendation Memo​​
  

Proposed Decision

• Proposed Decision Notification
  
• Proposed Decision
  
• Waiver of Rights to Object - Domestic Insurer
  
• Waiver fo Rights to Object - Applicant
  

Final Decision

• Final Decision Notification
  
• Final Decision​​