NEW YORK - Hamilton Insurance Group has successfully completed its initial public offering (IPO) on the New York Stock Exchange, raising approximately $80 million by selling 15 million Class B shares at $15 each under the guidance of Chairman David Brown. The company's IPO began on Friday and concluded by Wednesday, with a post-flotation valuation reaching $1.68 billion.
The Bermuda-based insurer, which operates across three platforms, intends to use the net proceeds from the IPO for capital contributions to its insurance and reinsurance subsidiaries. This move is aimed at leveraging favorable market conditions in the industry.
Hamilton Insurance Group's IPO involved both new shares issued by the company and those sold by existing shareholders. Of the total shares sold, Hamilton offered 6.25 million shares while existing shareholders parted with 8.75 million shares. The company did not receive any proceeds from the sales made by the existing shareholders.
On Tuesday, the shares closed at a slightly higher price of $15.25, indicating a modest uptake from investors following the IPO. Additionally, underwriters have been granted a 30-day option to purchase up to an additional 2.25 million Class B common shares at the original IPO price, less underwriting discounts and commissions.
A consortium of banks managed the offering, with Barclays and Morgan Stanley serving as Joint Lead Bookrunning Managers. Other participating banks included Citigroup and Wells Fargo Securities as Joint Bookrunning Managers, and co-managers BMO Capital Markets, Dowling & Partners Securities LLC, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods, A Stifel Company, and Commerzbank (ETR:CBKG). Financial advisory services were provided by Insurance Advisory Partners LLC.
The successful IPO of Hamilton Insurance follows similar public offerings earlier this year by Fidelis Insurance Holdings and Everest Group in June and July respectively.
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