CERTAIN RELATIONSHIPS/RELATED TRANSACTIONS Simultaneously with the acquisition of Superior Insurance Company, Goran, the Company, GGS Management Holdings, Inc. ("GGSH") and certain investment funds affiliated with Goldman Sachs & Co. ("GS Funds")...Goran Capital Inc • April 29th, 1997 • Fire, marine & casualty insurance
Simultaneously with the acquisition of Superior Insurance Company, Goran, the Company, GGS Management Holdings, Inc. ("GGSH") and certain investment funds affiliated with Goldman Sachs & Co. ("GS Funds") entered into an agreement to capitalize GGSH and cause GGSH to issue its capital stock to the Company and to the GS Funds. This transaction gave the Company a 52% ownership interest in GGSH and the GS Funds a 48% interest in GGSH. Pursuant to this transaction, the Company contributed to GGSH all of the common stock of Pafco General Insurance Company ("Pafco"), the Company's right to acquire Superior Insurance Company and certain fixed assets with an approximately value of $350,000. The GS Funds contributed $21.2 Million in cash.
