Kinsale Insurance, a multi-line insurer providing specialty and property & casualty insurance, announced terms for its IPO on Monday.
The Richmond, VA-based company plans to raise $90 million by offering 6 million shares (17% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Kinsale Insurance would command a fully diluted market value of $315 million.
Kinsale Insurance was founded in 2009 and booked $96 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol KNSL. J.P. Morgan, William Blair and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 25, 2016.
