Hamilton Insurance Group
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The carrier’s $15 per share listing came in below its $16.90 book value per share at the mid-year reporting point, or a 0.9x multiple. -
The carrier is offering 15 million Class B common shares, according to a registration statement filed with the SEC.
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Karna has previously served as global chief data officer at Axa XL, while Gauthier is the former chief investment officer of Allied World.
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The carrier has not determined the number of common shares to be offered, nor the price range for its proposed IPO.
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The carrier experienced a downturn in investment performance during 2022.
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Any capital event is likely to take place following the hurricane season, Reuters reported.
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Hamilton non-renewed its cargo binder with the MGA at the beginning of March.
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Prices are falling in the London D&O market amid competition to secure business from incumbents and new entrants.
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Improved pricing is attracting new capacity to the hull market, although questions remain about market-wide rating adequacy.
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The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.
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The transaction involves net technical provisions of more than £200mn.
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David Friston worked for 11 years at AIG in Bermuda as SVP and financial lines manager.
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