(Image credit: Angelo Giordano.)
ProSight Global, Inc. (Morristown, N.J.), an insurance carrier launched for business in 2011 with a technology-driven approach to transforming specialty insurance, today announced the pricing of the initial public offering (IPO) of 7,857,145 shares of common stock at a price to the public of $14.00 per share. The shares are expected to begin trading on the New York Stock Exchange on July 25, 2019 under the ticker symbol “PROS.” The insurer announced that the public offering is being made only by means of a prospectus.
ProSight reports that it is offering 4,285,715 shares of common stock and the selling stockholders are offering 3,571,430 shares of common stock. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,178,570 shares of common stock from the selling stockholders at the IPO price less the underwriting discount. The closing of the offering is expected to occur on July 29, 2019, subject to the satisfaction of customary closing conditions.
Founded by industry veterans seeking to solve some of the specialty insurance industry’s persistent technology-driven limitations, ProSight structured its operations and technology to prioritize customer needs rather than broker relationships. The company’s ProSight Direct digital platform is designed to be provide an “effortless,” fully digital customer experience for professionals seeking insurance coverage.
Goldman Sachs & Co. LLC and Barclays are acting as joint lead book-running managers for the offering. BofA Merrill Lynch is also acting as a book-running manager for the offering. Dowling & Partners, Keefe, Bruyette & Woods, SunTrust Robinson Humphrey and Citizens Capital Markets are acting as co-managers for the offering.