Hamilton Insurance Group has submitted a Form S-1 to the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), aiming to list its common shares on the New York Stock Exchange (NYSE) under the ticker "HG". This information was disclosed on Tuesday.
The company's gross premiums have shown significant growth over the years, soaring from $571 million in 2018 to $1.6 billion in 2022. The combined ratio for the year 2022, adjusted for losses in Ukraine, stood at 96.4% overall. The international segment was reported at 92.5%, while the Bermuda segment showed a slightly higher ratio of 101%.
The details regarding the number of shares to be offered and their pricing are still under consideration, with Hamilton and certain selling shareholders potentially offering shares depending on market conditions. The net proceeds from this IPO are intended to increase capital in Hamilton's insurance and reinsurance subsidiaries.
Barclays (LON:BARC) Capital Inc. and Morgan Stanley (NYSE:MS) have been appointed as the Joint Lead Bookrunning Managers for this deal. They are tasked with steering the process, and the prospectus is available from Barclays upon request.
Hamilton's management holds broad discretion over the use of these proceeds. This could potentially enable more business writing if market conditions prove favorable. This move comes after Hamilton's SEC submission in early September, leaving investors reliant on management's judgment regarding the use of funds raised through this IPO.
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