Bermuda-based Hamilton Insurance Group, Ltd. has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for a proposed underwritten initial public offering (IPO) of its common shares, and intends to use the net proceeds to make capital contributions to its insurance and reinsurance operating subsidiaries.
The company intends to apply to list the common shares on the New York Stock Exchange under the ticker symbol “HG”.
Currently, the number of common shares to be offered along with the price range have not yet been determined.
The common shares to be offered and sold in the proposal are expected to be offered by Hamilton and certain selling shareholders, although the IPO is subject to market and other conditions.
Barclays and Morgan Stanley have acted as the Joint Lead Bookrunning Managers for the deal.
The offering will be made only by means of a prospectus, with copies of the preliminary prospectus relating to the proposed offering may be obtained from Barclays Capital Inc.
As stated above, Hamilton plans to use the proceeds from the IPO to bolster the capital of its re/insurance subsidiaries, which the firm says should allow it to take advantage of ongoing favourable market conditions in the markets in which it operates by writing more business.
“This expected use of net proceeds from this offering represents our intentions based on our current plans and business conditions, which could change in the future as our plans and business conditions evolve. As a result, our management will have broad discretion over the uses of the net proceeds from this offering and investors will be relying on the judgment of our management regarding the application of the net proceeds from this offering,” reads the IPO filing.
The IPO process has now moved to the next stage for Hamilton, after the carrier submitted a draft registration with the SEC in early September.
