Hamilton files for US IPO

(Reuters) — Bermuda-based Hamilton Insurance Group said 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 company 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 that the company was considering strategic options, which could value it at more than $2 billion.

Insurers have been raising the premiums they charge to underwrite commercial risks for some time, providing a boost to their finances.