Hamilton repurchases 9.1M Class A shares for $109.5M from Blackstone affiliates at $12/share

Hamilton Insurance Group, Ltd.

Repurchase of 9,124,729 Class A shares at $12.00/share (12% discount to 30-day VWAP of Class B) from Blackstone affiliates.
Total price $109.5M; funded via 8.5% loan under existing credit facility, to be repaid from Two Sigma Hamilton Fund.
Shares cancelled post-close; outstanding shares drop to 101,878,284; closing expected May 10, 2024.
CEO calls transaction EPS, book value, and ROE accretive; says it won't hinder specialty insurance/reinsurance growth.
Blackstone exits a ten-year investment; Hamilton expresses gratitude for the partnership.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Hamilton Insurance Group, Ltd. entered into Repurchase Agreement with funds affiliated with Blackstone Alternative Solutions LLC valued at $109,496,748 (effective 2024-05-08).

Action: entry
Agreement: equity purchase
Counterparty: funds affiliated with Blackstone Alternative Solutions LLC
Value: $109,496,748
Effective: 2024-05-08

Exact text from the filing

On May 8, 2024, Hamilton Insurance Group, Ltd., a Bermuda company (the “Company”), entered into a share purchase agreement (the “Repurchase Agreement”) with funds affiliated with Blackstone Alternative Solutions LLC (“BAS”) pursuant to which the Company has agreed to repurchase 9,124,729 shares of the Company’s Class A common shares owned by such funds at a price per share of $12.00

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Hamilton Insurance Group, Ltd. filing history →

Source: SEC EDGAR

accession 0001593275-24-000054

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