Hamilton Insurance Group announced on Thursday that it had registered in secret for a U.S. initial public offering at a time when deals combining insurance and reinsurance companies are gaining steam.
After more than a year of stagnation, the U.S. IPO market is beginning to show signs of revival as a number of well-known companies, including chip manufacturer Arm and food delivery service Instacart, move through with their listings.
Since Skyward Specialty’s IPO on the New York Stock Exchange in January, shares have surged, demonstrating investors’ interest in the insurance industry this year.
Everest Re, a reinsurer, also had success raising around $1.5 billion to support expansion.
Reuters reported earlier this year that Hamilton, a Bermuda-based group, was examining strategic options that might value it at more than $2 billion, even though Hamilton withheld the terms and other specifics of its offering.
For some decades, insurers have increased the rates they charge to cover commercial risks, helping to bolster their financial position.