COIN Insurer Investment Programs
COIN Qualified Investments
Insurer Investments verified by COIN to provide a positive environmental or social impact to low-to-moderate income (LMI) households or areas, as well as rural and reservation based communities in California.
Artesian High Impact Green Bond Fund - The Artesian High Impact Green Bond Fund’s mission is to displace the maximum amount of greenhouse gas emissions (current and future) while delivering a superior risk-adjusted rate of return. The Fund melds the characteristics of “dark” green bonds (with its large-scale, lower but immediate environmental impact) and clean energy venture debt (with its smaller-scale but innovative and high potential future impact) to deliver a risk, return, and impact profile that is difficult to achieve through conventional, single asset class solutions in a highly liquid format. The Fund is designed to utilize the Manager’s strengths in both fixed income and venture capital in order to narrow the large clean energy infrastructure spending gap the world faces. The Fund may also invest in other green fixed income securities such as asset-backed securities related to clean energy infrastructure projects. Finally, the Fund is consistent with the California Department of Insurance Climate Risk Carbon Initiative, which believes that, due to climate change, the world is shifting toward the use of renewable energy and away from fossil fuels.
- California Housing & Affordable Mortgage Program (CHAMP) - KGS-Alpha Capital Markets facilitates COIN eligible investments in Collateralized Mortgage Obligations (CMOs), pass-throughs of Agency-eligible residential mortgages, and multifamily affordable housing bonds. The full and timely payment of principal and interest are guaranteed by the full faith and credit of the U.S. government, Fannie Mae and Freddie Mac. The investments exclusively support affordable housing financing in California.
College Access Tax Credit Fund (CATCF) - The CATCF allows individual taxpayers, businesses and insurance companies to claim a tax credit equal to 50% of their cash contribution to the CATCF that bolsters financial aid for California's low-income college students. This $500 million dollar aggregate tax credit is only available through taxable year 2022. The Fund is designed to support the Cal Grant Program, which is the State of California's largest source of educational financial aid. Cal Grants are for students pursuing an undergraduate degree or vocational or career training at a qualifying California college, and are awarded to students with a financial need to attend the college of their choice who have family income and assets below set minimum levels.
- Community Capital Management Economic Development Fund - Invests in high credit quality fixed income securities whose proceeds support community, economic, development and environmental activities.
- Multi-Bank Securities, Inc. (MBS) Community Impact Mortgage-Backed Securities Programs - MBS sources, structures and offers investor directed investments via Ginnie Mae, Fannie Mae and Freddie Mac mortgage-backed securities. Social mandates and Community Reinvestment Act requirements accepted. MBS is a certified Veteran-Owned Business Enterprise (VBE) and a member of the National Veteran-Owned Business Association (NaVOBA). MBS is one of a select group of broker-dealers approved to work directly with the U.S. agencies to underwrite and distribute their debt; the Firm is a member of Fannie Mae's ACCESS Diversity Program, Freddie Mac's Supplier Diversity Program and the Federal Home Loan Banks' Diversity and Inclusion program.
- RBC Global Asset Management Access Capital Community Investment Strategy - Invests primarily in high quality debt securities and other debt instruments supporting the community development industry in areas of the United States designated by strategy shareholders. The strategy can be invested in through mutual fund I shares (ACCSX), separately managed account, or other customized vehicle (California 3-c-7 fund). The affordable housing related investments are made through securities issued by Ginnie Mae and government-sponsored enterprises, such as Fannie Mae and Freddie Mac. The investment is especially well structured for investors seeking highly rated, highly liquid asset-liability matching, such as property and health insurers.
- Solomon Hess SBA Loan Fund - Short duration bond fund investing in SBA 7(a) loans to promote job creation, retention, and improvement for LMI persons employed by small businesses.
- Wells Fargo Government Guaranteed Mortgage Program - WFGGMP assembles custom pools of LMI mortgages from Agency MBS sourced from top the ten U.S. lenders.
- Align Affordable Housing Bond Fund, L.P. - Invest in tax-exempt subordinate bonds secured by affordable housing properties. The bonds will be issued by state or local governmental entities in order to finance the purchase and renovation or construction of affordable housing properties. The Fund will promote the development of new affordable housing properties by providing innovative financing to developers at an interest rate that is less expensive than equity. As a result, developers will be able to build more affordable housing and provide low income residents with a clean, safe and affordable place to live.
- Small Business Community Capital II, LP - Invests in senior secured debt, subordinated debt and equity in small to mid-sized companies that face a lack of capital availability. The industry focus is business services, consumer products, food & beverage, healthcare, manufacturing and telecommunication.
- DCA Capital Partners II, LP - Takes preferred stock and subordinated debt positions in growth-oriented companies primarily located within the Central Valley of California.
HCAP Fund IV, LP - Invests primarily in mezzanine debt and preferred equity in underserved lower middle market companies in manufacturing services, software, IT, consumer products and health care. HCAP provides capital to "underserved" businesses that (i) tend to employ low-to-moderate income and ethnic minority employees (ii) are located in LMI zones and/or (iii) owned and operated by ethnic minorities.
Inter-Atlantic Stonybrook Insurtech Ventures, LP - IA Capital has an 18-year track record of making venture capital investments in insurtech and fintech companies. Targeted segments of insurtech for the Fund will include technology-enabled companies in: property and casualty insurance, life and health insurance, data management and analytics, employee benefits, distribution, underwriting, claims, and administration, among others. The Fund may invest in fintech segments related to insurance including payments, customer acquisition and blockchain. The Inter-Atlantic Funds will continue to invest in companies that utilize technology to democratize financial services and promote financial inclusion.
- ACM Fund II, LLC - The mission at Agriculture Capital is to develop a regenerative food and agriculture system that produces better food at scale and delivers market/asset competitive returns to investors while making a difference in local communities. They envision a world where more people have access to food that is better and healthier for their families, while improving the land and the communities in which they operate.
- Equilibrium Capital - Sustainable institutional investor strategies include three real asset sectors: Agriculture & Food, Renewable Resources (which include Energy and Water), and Real Estate. Common to all is the aim to generate current returns, long-term resilient sustainability-rooted financial values, and scale. Equilibrium has recently developed its Controlled Environment Production Agriculture1 strategy backing, at scale, land-, water- and transportation - efficient controlled environment production systems for delivering high quality produce to mass markets. The firm also has strategies in water and waste management, advanced green real estate, and sustainably grown and managed permanent crops.
- The Healthy Food Financing Initiative - Promotes access to healthy foods in the state of California by financing the distribution and retail of fresh food in communities that have been defined as food deserts or as Food Opportunity Areas.
- National Trust Solar Platform - The National Trust Solar platform assists insurance companies in identifying, analyzing and managing investments in qualified solar installations. Solar installations receive federal tax credits (direct 1-to-1 off-set) based on 30% of eligible project costs. The installations also qualify for accelerated depreciation, further enhancing tax efficiency. In addition to tax benefits, solar deals produce steady revenue streams through the sale of power. A tax credit equity investor may displace taxes owed with an investment in the installation, and share in the profits/losses of the underlying asset.
- Oak Street California Added Alpha Fund II, LP - Invests best-in-class emerging private real estate funds with an emphasis on California-based investments targeting retail in under-served neighborhoods, commercial properties, medical real estate opportunities, workforce and under-served housing, energy efficient assets, brownfield remediation and other strategies with rigorous Environmental, Social or Corporate Governance ("ESG") initiatives. CAAF II will target "added alpha" for investors through helping smaller, newer entities raise an initial institutional fund, including investing with early stage women and minority owned firms.
- Avanath Affordable Housing III, LLC - Acquires value-oriented apartment properties that were originally developed under the Low Income Housing Tax Credit ("LIHTC") program or other similar structures, with the goals of enhancing the physical assets and maintaining long-term affordability. Avanath's target affordable market comprises 7.5 million apartment units and represents approximately 25% of the apartment inventory in the United States. Avanath is pursuing a national consolidation strategy in this sector, creating long-term value with the implementation of higher-level property and asset management, strategic property investments and enhancements, and creating greater operating efficiencies.
- Central Valley Fund III (SBIC), LP - Makes mezzanine investments through both subordinated notes and preferred stock investments in small to medium-sized private Hispanic-owned businesses in the California Central Valley and other Western United States geographies across diversified industries, including but not limited to, business services, manufacturing, distribution and logistics, healthcare, and telecom. CVF III will pursue investment opportunities in a variety of LMI areas, and promote responsible ESG policies in an effort to create sustainable jobs and further develop regional economies.
- GCM Grosvenor California Impact Fund, LP - Invests in California-based lower middle market companies that provide positive social, environmental and/or economic impact, allocated to various industries such as IT, healthcare, education, clean energy, business services, and manufacturing.
- Topaz Solar Farms, LLC - Topaz is a 550-megawatt photovoltaic power station located in San Luis Obispo, California. Construction began in November 2011 and ended in November 2014 and Topaz is considered to be on of the world's largest solar farms.