Hamilton Insurance Group Ltd began trading on the New York Stock Exchange under the ticker symbol “HG” on Friday, with pricing of its initial public offering of 15 million of Class B common shares set at $15.00 per share.

The offering consists of 6,250,000 Class B common shares offered by the company and 8,750,000 Class B common shares offered by certain of the company’s existing shareholders.

In addition, the underwriters have been granted a 30-day option to buy up to an additional 2,250,000 Class B common shares from the selling shareholders at the initial public offering price, less underwriting discounts and commissions.

The offering is expected to close on or about Tuesday November 14, subject to the fulfilment of customary closing conditions.

The company 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.

The company said it should enable them to take advantage of favourable conditions in the markets in which the company operates by writing more business pursuant to its strategy.

The company will not receive any proceeds from the sale of its Class B common shares by the selling shareholders.