Hamilton Insurance Group announced the closing of its initial public offering.

This was an aggregate of 15,000,000 Class B common shares, including 6,250,000 Class B common shares sold by the firm and 8,750,000 Class B common shares sold by certain of the company’s current shareholders, at a price to the public of $15.00 per share.

The common shares began trading on the New York Stock Exchange on November 10, under the ticker symbol ‘HG’.

The net proceeds from the offering to the company, after deducting underwriting discounts and commissions and estimated offering expenses payable by HIG, were approximately $80.6 million.

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.

This should enable the company to take advantage of ongoing favourable market conditions in the markets in which they operate by writing more business pursuant to its strategy.

They did not receive any proceeds from the sale of its Class B common shares by the selling 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 discounts and commissions.