Hamilton confidentially files for US IPO
Hamilton Insurance Group is moving ahead with preparations for an initial public offering (IPO) three months after the Bermuda-based company started exploring “strategic options”, including a private sale and an IPO.
Hamilton has submitted, on a confidential basis, a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), relating to a proposed underwritten initial public offering of its common shares.
The initial public offering is subject to market and other conditions and the completion of the SEC’s review process.
The number of common shares to be offered and the price range for the proposed offering have not yet been determined, the re/insurer said in a statement.
It was reported earlier in June that the Bermudian re/insurer was exploring “strategic options”, including an initial public offering (IPO) or a private sale, and had been in discussions with potential advisers amid an increasing trend of transactions in the sector.
If a transaction does materialise, it is expected to take place after the conclusion of the hurricane season in November, Reuters had cited a source familiar with the matter at that time.
The source cited by Reuters, said that a potential transaction could place Hamilton’s value at over $2 billion. As of December, the group’s book value stood at approximately $1.7 billion. It is worth noting that listed peers typically trade at a premium compared to their book value.
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