Alabama-based Vesta Insurance Group Inc. announced that its non-standard auto subsidiary, Affirmative Insurance Holdings Inc., filed a registration statement with the United States Securities and Exchange Commission for a proposed initial public offering of its common stock. The registration statement is not yet
effective.
Shares will be sold by Affirmative, as well as by Vesta and certain of its insurance subsidiaries. The proceeds from the sale of Vesta’s shares will be used to provide additional capital to its insurance subsidiaries.
Piper Jaffray is serving as lead manager and sole book-runner. Co-managers for the offering are William Blair & Company and Sandler O’Neill & Partners L.P.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.
Topics Auto
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