Hamilton Insurance Group Ltd has announced the launch of its initial public offering of 15 million of its Class B common shares.

The offering, pursuant to a registration statement filed with the US Securities and Exchange Commission, consists of 6.25 million Class B common shares offered by the company and 8.75 million Class B common shares to be sold by certain of the company’s current shareholders, Hamilton said.

The underwriters will have a 30-day option to purchase up to an additional Class B 2.25 million common shares from the selling shareholders.

The IPO price range is expected to be between $16 and $18 per share, the company said.

The shares are expected to trade on the New York Stock Exchange under the ticker symbol “HG.”

The company said it intends to use net proceeds from the offering to make capital contributions to its insurance and reinsurance operating subsidiaries, in order to capitalise on ongoing favourable market conditions.

Hamilton said it will not receive any proceeds from the sale of its Class B common shares by the selling shareholders.