5th November 2023
Hamilton Insurance Group has announced the launch of its initial public offering of 15,000,000 of its Class B common shares pursuant to a registration statement on Form S-1 filed with the US Securities and Exchange Commission (SEC).
The offering consists of 6,250,000 Class B common shares offered by the Company and 8,750,000 Class B common shares to be sold by certain of the company’s current shareholders. In addition, the underwriters will have a 30-day option to purchase up to an additional Class B 2,250,000 common shares from the selling shareholders. The initial public offering price range is expected to be between $16.00 and $18.00 per share. The Class B common shares are expected to trade on the New York Stock Exchange under the ticker symbol “HG.”
The Company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance and reinsurance operating subsidiaries, for use by its three operating platforms, which should enable the Company to take advantage of ongoing favourable market conditions in the markets in which the company operates by writing more business pursuant to its strategy. The Company will not receive any proceeds from the sale of its Class B common shares by the selling shareholders.
The proposed offering of the company’s Class B common shares will be made only by means of a prospectus.
Hamilton Trends(£3 articles)