Hamilton Insurance Group said on Thursday it has confidentially filed for a U.S. initial public offering, at a time when there is growing momentum for deals involving insurance and reinsurance companies.
The U.S. IPO market has seen a nascent recovery as several high-profile names including chip designer Arm and grocery delivery firm Instacart charge ahead with their offerings after more than a year-long drought.
Investors have shown an appetite for the insurance sector this year, with shares in Skyward Specialty soaring since its debut on the New York Stock Exchange in January.
Reinsurer Everest Re also successfully raised about $1.5 billion to fund growth.
While Hamilton did not reveal the terms and other details of its offering, Reuters reported earlier this year the Bermuda-based group was considering strategic options, which could value it at more than $2 billion.
Insurers have been racking up the premiums they charge to underwrite commercial risks for some time, providing a boost to their finances.
(Reporting by Manya Saini in Bengaluru; editing by Krishna Chandra Eluri)
Topics USA
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