Trean Insurance Group Prices Secondary Offering of Common Stock

Rhea-AI Summary

Trean Insurance Group (Nasdaq:TIG) announced a secondary offering of 5,000,000 shares of common stock at $14.00 per share. The offering is set to close on May 24, 2021, pending standard closing conditions. The shares are being offered by selling stockholders, with underwriters having the option to buy an additional 750,000 shares.

Trean will not receive any proceeds from this offering. J.P. Morgan and Evercore ISI lead the offering, with an SEC registration already effective.

Positive

• None.

Negative

• The offering could lead to shareholder dilution since Trean will not receive any proceeds.

WAYZATA, Minn., May 19, 2021 (GLOBE NEWSWIRE) -- Trean Insurance Group, Inc. (Nasdaq:TIG) (“Trean”) today announced the pricing of a secondary offering of 5,000,000 shares of Trean common stock at a price of $14.00 per share. The offering is expected to close on May 24, 2021, subject to customary closing conditions.

The selling stockholders named in the prospectus are offering 5,000,000 shares of Trean common stock. The underwriters have a 30-day option to purchase up to an additional 750,000 shares of common stock from the selling stockholders. Trean will not receive any proceeds from the offering.

J.P. Morgan and Evercore ISI are acting as lead book-running managers, William Blair is acting as a joint book-running manager and JMP Securities is acting as a co-manager for the offering. 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; or 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.

The registration statement on Form S-1 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

Investor Relations
investor.relations@trean.com
(952) 974-2260

FAQ

What are the details of Trean Insurance Group's secondary offering?

Trean Insurance Group is offering 5,000,000 shares at $14.00 each, closing expected on May 24, 2021.

Who are the underwriters for Trean's stock offering?

J.P. Morgan and Evercore ISI are the lead underwriters, with William Blair and JMP Securities also involved.

Will Trean Insurance Group receive any proceeds from the offering?

No, Trean will not receive any proceeds as the offering is made by selling stockholders.

What is the potential impact of the offering on Trean's shareholders?

The offering may result in shareholder dilution since Trean will not benefit financially from the sale.