Affiliates of private equity firm Genstar Capital LLC and certain directors and officers of Palomar Holdings Inc. have launched an underwritten public offering of 5 million of the insurer's common shares.
Genstar Capital's affiliates will grant the underwriters an option to buy up to an additional 750,000 of the shares at the public offering price, less underwriting discounts and commissions.
The proposed maximum aggregate offering price is about $197.6 million, or $34.37 per share, estimated solely for the purpose of calculating the registration fee and including the underwriters' option.
The selling shareholders will receive all of the proceeds from the offering.
Barclays Capital Inc., J.P. Morgan, and Keefe Bruyette & Woods Inc. will act as joint lead book-running managers for the offering. Evercore Group LLC, William Blair & Co. LLC, Sandler O'Neill & Partners LP and SunTrust Robinson Humphrey Inc. will be the joint book-running managers.
