IPOs
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Ongoing rate declines have been seen in recent renewals though the pace of decreases, particularly for established public companies, has slowed. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the roughly $2.7bn book value business is likely to target a valuation of 1.5x book or above — pointing to a valuation in excess of $4bn.
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The carrier intends to list its common shares on the New York Stock Exchange under the ticker symbol “HG”.
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Sources said the independent broker has lined up JP Morgan and Morgan Stanley as lead bookrunners in the IPO process.
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Inside P&C has independently confirmed that the bank is working on a full sale of its insurance operation amid a challenging banking environment.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood that Morgan Stanley was selected as lead underwriter in the process, with Q1 seen as the likeliest timing for a listing.
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Last week, the Bermudian carrier filed its draft registration statement for a proposed IPO to the US Securities and Exchange Commission.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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In a recent report titled “TFC: Primed for activist”, Wells Fargo notes investor discontent and lists pressing issues to be addressed at Truist.
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