WAYZATA, Minn., July 15, 2020 (GLOBE NEWSWIRE) -- Trean Insurance Group, Inc. (“Trean”) today announced the pricing of its initial public offering of 10,714,286 shares of common stock at a price of $15.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on July 16, 2020 under the symbol “TIG.” The offering is expected to close on July 20, 2020, subject to customary closing conditions.
Trean is offering 7,142,857 shares of common stock and the selling stockholders named in the prospectus are offering 3,571,429 shares of common stock. The underwriters have a 30-day option to purchase up to an additional 1,607,142 shares of common stock from certain of the selling stockholders. Trean will not receive any proceeds from the sale of shares by the selling stockholders.
J.P. Morgan, Evercore ISI and William Blair are acting as joint book-running managers for the offering. JMP Securities is acting as a co-manager. This offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204 or email at prospectus-eq_fi@jpmchase.com; Evercore Group, L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at 1-888-474-0200 or email at ecm.prospectus@evercore.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, or by telephone at 1-800-621-0687 or email at prospectus@williamblair.com.
The registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. Copies of the registration statement can be accessed through the Securities and Exchange Commission’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Trean Insurance Group, Inc.
Trean Insurance Group, Inc. provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia.
Contacts
Trean Insurance Group, Inc.
Julie A. Baron
Chief Financial Officer, Treasurer and Secretary
(952) 974-2249
julie.baron@trean.com