Hamilton Announces Share Repurchase from Funds Affiliated with Blackstone
09 5월 2024 - 5:47AM
Business Wire
Hamilton Insurance Group, Ltd. (NYSE: HG) (“Hamilton” or “the
Company”) announced today that it has entered into an agreement to
repurchase 9,124,729 Class A common shares owned by funds
affiliated with Blackstone Alternative Solutions LLC (“BAS”) at
$12.00 per share, representing a 12.0% discount to the 30-day
volume weighted average price of the Company’s Class B common
shares. The total purchase price for those shares is $109,496,748.
The total purchase price will be funded by a loan under the
Company’s revolving credit facility which the Company intends to
repay with funds withdrawn from the Two Sigma Hamilton Fund. The
Company expects to close the repurchase transaction on May 10, 2024
subject to customary closing conditions. The common shares
purchased by Hamilton will be cancelled and the Company will have
101,878,284 shares outstanding following the repurchase
transaction.
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the full release here:
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Pina Albo, Hamilton CEO (Photo: Business
Wire)
“We are very pleased to have this opportunity to repurchase
Hamilton shares at an attractive price and return capital to our
shareholders,” said Pina Albo, CEO of Hamilton. “We are also
grateful to BAS for its support and investment in Hamilton over the
years. This transaction allows BAS to fully exit an investment that
was made over ten years ago, resulting in meaningful earnings per
share, book value per share, and ROE accretion to Hamilton
shareholders.
“Along with the strength of our first quarter earnings, and our
recent AM Best rating upgrade, this transaction should create
significant value for our shareholders, while not impeding our
plans for strategic growth in both specialty insurance and
reinsurance at this favorable time in the market cycle.”
BAS commented, “We thank Hamilton for the partnership over the
past ten years and wish them continued success in the future.”
Special Note Regarding Forward-Looking Statements This
information may contain forward-looking statements which reflect
the Company’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are made based on management’s current
expectations and beliefs concerning future developments and their
potential effects upon the Company. There can be no assurance that
future developments affecting the Company will be those anticipated
by management. Forward-looking statements include, without
limitation, all matters that are not historical facts. These
forward-looking statements are not a guarantee of future
performance and involve risk and uncertainties, and there are
certain important factors that could cause actual results to
differ, possibly materially, from expectations or estimates
reflected in such forward-looking statements. These uncertainties
and risks are described under the section titled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” included in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and other subsequent
periodic reports filed with the SEC available electronically at
www.sec.gov. These forward-looking statements speak only as
of the date of this press release and the Company does not
undertake any obligation to update or revise any forward-looking
information to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
About Hamilton Insurance Group, Ltd. Hamilton is a
Bermuda-headquartered company that underwrites specialty insurance
and reinsurance risks on a global basis through its wholly owned
subsidiaries. Its three underwriting platforms: Hamilton Global
Specialty, Hamilton Re and Hamilton Select, each with dedicated and
experienced leadership, provide us with access to diversified and
profitable business around the world.
For more about our company, visit www.hamiltongroup.com
or find us on LinkedIn at Hamilton.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508121681/en/
Media contact Kelly Corday Ferris
kelly.ferris@hamiltongroup.com
Investor contacts Jon Levenson and Darian Niforatos
investor.relations@hamiltongroup.com
Hamilton Insurance (NYSE:HG)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Hamilton Insurance (NYSE:HG)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024