Bermuda’s Hamilton Insurance has filed a registration statement with the US Securities and Exchange Commission for a proposed initial public offering on the New York Stock Exchange.

The exact size of the listing and the pricing were not disclosed in the document but the company did provide extensive details about its operations.

Its reported gross premiums written of $1.65 billion in 2022, up from $1.45 billion in 2021 and $571 million in 2018.

The company reported a $98 million net loss in 2022, from a $188 million net profit in 2021. In the six months ended June 30, it reported a net profit of $88 million.

Of its gross written premiums in 2022, some 57 per cent were written from international offices in the US and the UK, while there was 43 per cent Bermuda business.

The Bermuda business consists of the Hamilton Re platform, made up of Hamilton Re, Ltd and Hamilton Re US.

The group, which was founded in 2013, has more than 500 employees.

Barclays Capital and Morgan Stanley are the underwriters of the initial public offering.

“We intend to use the net proceeds to us from this offering to make capital contributions to our insurance and reinsurance operating subsidiaries, for use by our three operating platforms, which should enable us to take advantage of ongoing favourable market conditions in the markets in which we operate by writing more business pursuant to our strategy,” the document stated.

Sango Holdings, Hopkins Holdings, the Blackstone Investor and Magnitude Investor will each own at least 5 per cent of the company after the offering and will be entitled to appoint a board member. The board will have between 11 and 15 directors.