Specialty insurer Kinsale Capital Group Inc. is selling stock in a public offering.
The Henrico County-based company said Wednesday that it had priced an underwritten public offering of 645,000 shares of its common stock at $93 per share.
Kinsale, founded in 2009, operates in an insurance segment called excess and surplus, or E&S.
The offering is expected to close Monday. The company said it has granted the underwriters a 30-day option to purchase up to an additional 96,750 shares.
Kinsale expects net proceeds from the sale of about $57.2 million after expenses and assuming no exercise of the underwriters’ option to purchase additional shares.
The company said it expects to use the net proceeds for general corporate purposes, including to fund organic growth.
Acting as sole bookrunner for the offering is J.P. Morgan. Acting as co-managers for the offering are William Blair, RBC Capital Markets, SunTrust Robinson Humphrey, Dowling & Partners Securities LLC, CIBC Capital Markets and Strategas Research Partners.