Trean Insurance Group, a specialty casualty insurer in the US focused on workers' compensation, announced terms for its IPO on Thursday.
The Wayzata, MN-based company plans to raise $150 million by offering 10.7 million shares (33% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Trean Insurance Group would command a market value of $716 million.
Trean Insurance underwrites specialty casualty insurance products both through programs where it partners with other organizations and also through its own managing general agencies. The company is licensed to write business across 49 states and the District of Columbia, with a focus on California, Michigan, and Arizona.
Trean Insurance Group was founded in 1996 and booked $111 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol TIG. J.P. Morgan, Evercore ISI and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
