Bermuda-based insurer and reinsurer, Hamilton Insurance Group, is reportedly discussing its options with potential advisers, including a private sale and an initial public offering (IPO), according to Reuters.
People familiar with the matter told Reuters that the re/insurer is exploring strategic options amid momentum for deals involving insurers and reinsurers.
The people, who remained anonymous, said that both an IPO and private sale have been discussed as options.
Reuters reports that a transaction could value Hamilton at more than $2 billion, with the firm reporting a book value of almost $1.7 billion at the end of December 2022.
The people did stress to Reuters that deliberations are preliminary, and a deal may not come to fruition. One of the people explained to Reuters that a transaction is more likely to happen after the Atlantic hurricane season, which runs until the end of November, given the carrier’s exposure to natural catastrophes.
Reuters reached out to Hamilton for a comment, but a spokesperson declined.
The company was established in 2013 and until 2017 was run by Brian Duperreault, a well-known industry leader. Since then, Pina Albo has led the firm as CEO.