Richmond, Virginia-based specialty insurer Kinsale Capital Group (NASDAQ: KNSL) announced the pricing of its underwritten public offering of 645,000 shares of common stock at a price of $93.00 per share.
The company expects the net proceeds from the offering to be approximately $57.2 million, assuming no exercise of the underwriters’ 30-day option to purchase additional shares.
The offering is expected to close on August 12, 2019.
The company said it expects to use the net proceeds from the offering of the shares for general corporate purposes, including to fund organic growth.
J.P. Morgan is acting as sole bookrunner for the offering. William Blair, RBC Capital Markets, SunTrust Robinson Humphrey, Dowling & Partners Securities LLC, CIBC Capital Markets and Strategas Research Partners are acting as co-managers for the offering.
Kinsale Capital Group focuses on the excess and surplus lines market.
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