Ohio-based Safe Auto Insurance Group Inc. has launched an initial public offering of common shares.

The proposed maximum aggregate offering price is $50 million, estimated solely to calculate the registration fee and including any underwriters option for additional shares. The company applied to list its shares on the Nasdaq Global Select Market under the ticker symbol SAIG.

BofA Merrill Lynch and Deutsche Bank Securities Inc. will serve as joint book-running managers for the offering. Keefe Bruyette & Woods Inc., Sandler O'Neill & Partners LP and Dowling & Partners Securities LLC will serve as co-managers.