Carey Olsen in Bermuda advises Hamilton Insurance Group on its Initial Public Offering on the New York Stock Exchange
November, 2023 - Bermuda, Bermuda
Bermuda-headquartered Hamilton Insurance underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries. Enhanced by data and technology, the firm is focused on producing sustainable underwriting profitability to deliver shareholder value. Founded in 2013 and now with over 500 employees, Hamilton Insurance reported gross premiums written of US$1.65 billion in 2022.
The initial public offering of 15,000,000 Class B common shares was priced at US$15.00 per share. Hamilton Insurance 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 firm to take advantage of ongoing favourable market conditions in the markets in which it operates by writing more business pursuant to its strategy.
The Carey Olsen team was led by partner Matthew Grigg and senior counsel Michael Frith, assisted by counsel Michelle Falcucci and senior associate Alexandra Fox.
Matthew commented: "The Carey Olsen team in Bermuda congratulates Hamilton Insurance on its successful listing on the New York Stock Exchange and is pleased to have supported the firm on this important IPO for the Bermuda market. We are again pleased to see the international capital markets invest with confidence in the Bermuda insurance sector."
The Class B common shares of Hamilton Insurance have been admitted to trading on the New York Stock Exchange under the ticker symbol “HG". Barclays Capital and Morgan Stanley were joint lead bookrunning managers.
Carey Olsen Bermuda Limited is a company limited by shares incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: www.careyolsen.com/terms-business.
