ProSight Global IPO: What You Need To Know

For those seeking to secure their investment dollars, this specialty insurer may be a better bet.

IPO Terms

Morristown, New Jersey-based ProSight Global, Inc. is planning an 8.824-million share IPO, with the company offering 3.529 million shares and affiliates of each of Goldman Sachs and TPG Global are offering an additional 5.294 million shares.

The offering is estimated to be priced in the range of $16-$18. At the midpoint of the estimated price range, the offering is likely to raise gross proceeds of $150 million.

The company has applied for listing its shares on the NYSE under the ticker symbol PROS.

Goldman Sachs, Bank of America Merrill Lynch and Barclays are the lead underwriters for the offering.

The Company

ProSight is an entrepreneurial specialty insurance company founded in 2009 that leverages customized technology infrastructure, underwriting expertise and unique niche focus to develop products, services and solutions that deliver distinct value to customers in the manner they prefer.

Its customer segments currently include Media and Entertainment, Real Estate, Professional Services, Transportation, Construction, Consumer Services and Marine and Energy.

The Finances

ProSight reported net revenues of $785.87 million and adjusted operating income of $55.29 million for fiscal year 2018. In the year-ago period, the metrics stood at $651.04 million and $14 million, respectively.

Net written premiums climbed from $560.29 million to $850.07 million.

For the three months ended March 31, the company reported revenues of $212.79 million compared to $181.05 million in the year-ago quarter.

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