Hamilton Insurance Group, a Bermuda-based provider of reinsurance and specialty insurance, announced terms for its IPO on Wednesday.
The Hamilton, Bermuda-based company plans to raise $255 million by offering 15 million shares (58% secondary) at a price range of $16 to $18. Insiders intend to purchase $4 million worth of shares in the offering (2% of the deal). At the midpoint of the proposed range, Hamilton Insurance Group would command a fully diluted market value of $1.9 billion.
Hamilton Group is a global specialty insurance and reinsurance company, with underwriting operations in Lloyd's of London, Ireland, Bermuda, and the US. The company's diverse underwriting operations are supported by proprietary technology and a unique investment management relationship with Two Sigma Investments, among other qualities. For the six months ended June 30, 2023, Hamilton Group had gross written premiums of $1.0 billion, and delivered a loss ratio of 53.3% and a combined ratio of 88.8%.
Hamilton Insurance Group was founded in 2013 and booked $1.2 billion in revenue for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol HG. Barclays, Morgan Stanley, Citi, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2023.
