Hamilton Insurance Group, Ltd. successfully concluded its initial public offering (IPO) by closing the sale of 15,000,000 Class B common shares.
This total includes 6,250,000 shares sold by the company itself and 8,750,000 shares sold by existing shareholders. The shares were priced at $15.00 each, and trading commenced on the New York Stock Exchange under the ticker symbol “HG” on November 10, 2023.
The IPO generated net proceeds of approximately $80.6 million for Hamilton Insurance Group, Ltd. After accounting for underwriting discounts, commissions, and estimated offering expenses, the company intends to utilise the funds by making capital contributions to its insurance and reinsurance operating subsidiaries across its three operating platforms.
This strategic move aims to capitalise on favourable market conditions within the company’s operational markets, allowing it to expand its business in alignment with its overall strategy. It’s important to note that the company did not receive any proceeds from the sale of shares by existing shareholders, Hamilton Insurance said.
Furthermore, 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, minus discounts and commissions.
Barclays and Morgan Stanley acted as Joint Lead Bookrunning Managers for the offering, while Citigroup and Wells Fargo Securities served as Joint Bookrunning Managers.
The co-managers for the offering included BMO Capital Markets, Dowling & Partners Securities LLC, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods (a Stifel Company), and Commerzbank.
Insurance Advisory Partners LLC provided financial advisory services to Hamilton Insurance Group, Ltd. throughout the offering process.
