Hamilton targets up to $2 billion valuation in US IPO

(Reuters) — Hamilton Insurance Group is targeting a valuation of up to $2 billion in its U.S. initial public offering, the Bermuda-based specialty insurer said Wednesday.

The company, along with some existing investors looking to sell their shares, aims to raise up to $270 million, it said in a regulatory filing.

Hamilton’s debut will be a litmus test of investors’ optimism for the insurance sector, which has pushed the S&P Insurance Select Industry Index up 4% this year.

Hamilton, which was founded in 2013, underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries.

Barclays and Morgan Stanley are the lead underwriters for the offering.

Reuters reported earlier in the year that Hamilton was considering strategic options including an IPO or a private sale in a transaction that could value the company at more than $2 billion.