Altaris Announces IPO of Trean Insurance Group, Inc.
New York, NY—Altaris Capital Partners, LLC is pleased to announce that Trean Insurance Group, Inc. (“Trean”) priced its initial public offering at a price of $15 per share, the top of the previously announced valuation range, resulting in gross offering proceeds of approximately $160 million through a combination of primary and secondary shares. The shares began trading on the Nasdaq Global Select Market on July 16, 2020 under the symbol “TIG”.
Trean is a specialty insurance company that sells products through its program partners and managing general agencies. Trean also provides 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.
J.P. Morgan, Evercore ISI and William Blair acted as joint book-running managers for the offering. JMP Securities acted as a co-manager.