Hamilton launches $270m IPO

Hamilton Insurance Group has launched its initial public offering in which it hopes to sell up to $270 million worth of shares and to be listed on the New York Stock Exchange.

Bermuda-based Hamilton said it plans to sell 6.25 million shares to the public while current shareholders of the company plan to sell a further 8.75 million shares. The selling range is expected to be between $16 and $18 a share, all of which are Class B shares.  

Hamilton will not realise any benefit from the shares sold by current shareholders and plans to use the $100 million to $112.5 million it hopes to raise to make capital contributions to its insurance and reinsurance operations to take advantage of the current hard market.

In addition, the offering’s 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 Class B common shares are expected to trade on the New York Stock Exchange under the ticker symbol “HG.”

Barclays and Morgan Stanley are acting as joint lead bookrunning managers for the proposed offering.  Citigroup and Wells Fargo Securities are acting as joint bookrunning managers for the proposed offering. 

BMO Capital Markets, Dowling & Partners Securities LLC, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods, A Stifel Company, and Commerzbank are acting as co-managers for the proposed offering.

The proposed offering of the Company’s Class B common shares will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847 or by email at barclaysprospectus@broadridge.com or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department.

A registration statement relating to the Class B common shares has been filed with the SEC but has not yet become effective. The Class B common shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.