Bermuda insurer and reinsurer, Hamilton Insurance Group, has successfully priced its initial public offering (IPO) of 15,000,000 Class B common shares at a public offering price of $15.00 per share, raising a total of USD 225 million.
Net proceeds received were USD 93.75 million from its IPO of its Class B common shares, as Hamilton did not receive any proceeds from the sale of its Class B common shares by the selling shareholders.
The offering comprises 6,250,000 Class B common shares offered by Hamilton and 8,750,000 Class B common shares offered by certain existing shareholders of the Company.
Additionally, the underwriters have been granted a 30-day option to purchase up to an additional 2,250,000 Class B common shares from the selling shareholders at the IPO price, less underwriting discounts and commissions.
The shares are expected to commence trading on the New York Stock Exchange under the ticker symbol “HG” on November 10, 2023.
The net proceeds from the offering, received by Hamilton, will be utilised to make capital contributions to its insurance and reinsurance operating subsidiaries across its three operating platforms, the company said.
This strategic move aims to capitalise on favourable market conditions within Hamilton’s operational markets and facilitate the execution of its business strategy, Hamilton noted.
Earlier in November, Hamilton was set to offer 15,000,000 of its Class B common shares at an expected price range of between $16 and $18 per share, raising between USD 242 million and USD 272 million.
Barclays and Morgan Stanley are serving as Joint Lead Bookrunning Managers for the offering, with Citigroup and Wells Fargo Securities acting as Joint Bookrunning Managers. BMO Capital Markets, Dowling & Partners Securities LLC, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods, A Stifel Company, and Commerzbank are participating as co-managers.
Insurance Advisory Partners LLC is acting as the financial advisor to Hamilton for the IPO.
