Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On February 26, 2021, the Company, through its indirect wholly owned subsidiary, Cowen Malta Holdings Ltd., completed the acquisition of all of the outstanding equity interest of Axeria Insurance Limited (the "Malta Acquisition"), an insurance company organized under the laws of Malta whose principal business activity is to provide insurance coverage to third parties which was renamed Cowen Insurance Company Ltd. upon acquisition.

Due to the limited time since the date of the Malta Acquisition, it is impractical for the Company to make certain business combination disclosures as of the date of this filing as the Company is still finalizing the analysis of the information necessary to provide these disclosures. However, the Malta Acquisition is not expected to have a material impact on the Company’s operations and results. As a result, the Company is unable to present the allocation of the preliminary purchase price to the fair value of assets acquired and liabilities assumed. The Malta Acquisition will be accounted for under the acquisition method in accordance with US GAAP. When practicable, the Company will provide all required disclosures in subsequent filings. Subsequent to the Malta Acquisition, the operations of Cowen Insurance Company Ltd. will be reported as part of the Company's CIM reporting unit within the Op Co segment.

On February 10, 2021 Board of Directors declared a quarterly cash dividend payable on its common stock of $0.08 per common share, payable on March 15, 2021, to stockholders of record on March 1, 2021.

The Company has evaluated events that have occurred after the balance sheet date but before the financial statements are issued and has determined that there were no other subsequent events requiring adjustment or disclosure in the consolidated financial statements.