Hamilton Announces Closing Of Public Offering
Hamilton Insurance Group, Ltd. announced the closing of initial public offering of an aggregate of 15,000,000 Class B common shares, including 6,250,000 Class B common shares sold by the Company and 8,750,000 Class B common shares sold by certain of the Company’s current shareholders, at a price to the public of $15.00 per share.
A spokesperson said, “The common shares began trading on the New York Stock Exchange on November 10, 2023 under the ticker symbol “HG”.
“The net proceeds from the offering to the Company, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $80.6 million. 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.
“This should enable the Company to take advantage of ongoing favorable market conditions in the markets in which the Company operates by writing more business pursuant to its strategy. The Company did not receive any proceeds from the sale of its Class B common shares by the selling shareholders.
“In addition, the underwriters have been granted a 30-day option to buy up to an additional 2,250,000 Class B common shares from the selling shareholders at the initial public offering price, less discounts and commissions.
“Barclays and Morgan Stanley acted as Joint Lead Bookrunning Managers for the offering. Citigroup and Wells Fargo Securities acted as Joint Bookrunning Managers for the offering. BMO Capital Markets, Dowling & Partners Securities LLC, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods, A Stifel Company, and Commerzbank acted as co-managers for the offering.
“Insurance Advisory Partners LLC served as financial advisor to the Company for the offering,” the company said, noting that this ”release does not constitute an offer to sell or the solicitation of an offer to buy the Class B common shares nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.”
