Hamilton Announces Share Repurchase from Funds Affiliated with Blackstone

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Hamilton Announces Share Repurchase from Funds Affiliated with Blackstone

2024-05-09 04:46 Last Updated At：04:50

PEMBROKE, Bermuda--(BUSINESS WIRE)--May 8, 2024--

Hamilton Insurance Group, Ltd. (NYSE: HG) (“Hamilton” or “the Company”) announced today that it has entered into an agreement to repurchase 9,124,729 Class A common shares owned by funds affiliated with Blackstone Alternative Solutions LLC (“BAS”) at $12.00 per share, representing a 12.0% discount to the 30-day volume weighted average price of the Company’s Class B common shares. The total purchase price for those shares is $109,496,748. The total purchase price will be funded by a loan under the Company’s revolving credit facility which the Company intends to repay with funds withdrawn from the Two Sigma Hamilton Fund. The Company expects to close the repurchase transaction on May 10, 2024 subject to customary closing conditions. The common shares purchased by Hamilton will be cancelled and the Company will have 101,878,284 shares outstanding following the repurchase transaction.

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“We are very pleased to have this opportunity to repurchase Hamilton shares at an attractive price and return capital to our shareholders,” said Pina Albo, CEO of Hamilton. “We are also grateful to BAS for its support and investment in Hamilton over the years. This transaction allows BAS to fully exit an investment that was made over ten years ago, resulting in meaningful earnings per share, book value per share, and ROE accretion to Hamilton shareholders.

“Along with the strength of our first quarter earnings, and our recent AM Best rating upgrade, this transaction should create significant value for our shareholders, while not impeding our plans for strategic growth in both specialty insurance and reinsurance at this favorable time in the market cycle.”

BAS commented, “We thank Hamilton for the partnership over the past ten years and wish them continued success in the future.”

Special Note Regarding Forward-Looking Statements This information may contain forward-looking statements which reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon the Company. There can be no assurance that future developments affecting the Company will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts. These forward-looking statements are not a guarantee of future performance and involve risk and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. These uncertainties and risks are described under the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other subsequent periodic reports filed with the SEC available electronically at www.sec.gov. These forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Hamilton Insurance Group, Ltd.
Hamilton is a Bermuda-headquartered company that underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Re and Hamilton Select, each with dedicated and experienced leadership, provide us with access to diversified and profitable business around the world.

For more about our company, visit www.hamiltongroup.com or find us on LinkedIn at Hamilton.

Emotional Klopp tells fans 'I love you to bits' as his final match with Liverpool ends with a win

2024-05-20 03:09 Last Updated At：03:10

LIVERPOOL, England (AP) — For the last time as Liverpool manager, Jurgen Klopp ran over to The Kop and delivered those repeated fist pumps that have been his signature during his transformational spell at Anfield.

The Liverpool fans — many with tears in their eyes, just like some of the team's players — responded with a series of deafening roars, and then cheered Klopp as he did a circuit of the field.

Soon enough, he had disappeared out of view down the tunnel.

Gone, but never forgotten.

“I’m one of you now — I love you to bits," Klopp said among his last words as he addressed the crowd inside Anfield after his final game as Liverpool's manager, a 2-0 win over Wolverhampton on Sunday.

The match on the final day of the Premier League season doubled as a tribute to a German coach who led Liverpool to seven major trophies in his nearly nine years at Anfield and forged such a connection with the city that he has been compared to Bill Shankly — the club’s legendary manager from 1959-74.

No wonder Klopp looked emotional throughout an afternoon that Liverpool fans never wanted to come.

They lined the streets outside Anfield to welcome Klopp and his players, and then produced a paper mosaic of the word “JURGEN” in the stand opposite the dugouts as he emerged for the game.

“People are calling it The Last Dance. So let’s dance,” Klopp told Sky Sports just off the field before kickoff – and Liverpool obliged by strolling to one final victory for Klopp thanks to goals by Alexis Mac Allister and Jarell Quansah.

In some ways, it was business as usual for Klopp.

He touched the “This is Anfield” sign in the tunnel on the way out to the pitch.

He patrolled the middle of the field with his hands behind his back during the warmups, watching his own team — and then, with that trademark glare, his opponents.

He waved to fans behind the Liverpool dugout and tapped his heart just ahead of kickoff, before soaking in an emotionally charged rendition of the club's anthem, “You’ll Never Walk Alone.”

“This morning I woke up,” Klopp said before the game, “and I was completely in game mode.”

The farewell party really started after the final whistle, which he marked by embracing each member of his backroom staff and also Wolves manager Gary O’Neil. Liverpool captain Virgil van Dijk was in tears as he hugged Klopp near the center circle.

The goodbye celebrations reached a crescendo as Klopp walked back out onto the field about 45 minutes after fulltime, wearing a red hoodie with the words “Thank You Luv” on the front and “I’ll Never Walk Alone” on the back, to speak to the crowd one last time.

“It doesn’t feel like an end. It feels like a start,” Klopp said. "Because I saw a football team full of youth, full of creativity, full of desire.

“For a few weeks, I got too much attention and it feels really uncomfortable but this time I realize a lot of things. People told me I turned them from doubters into believers. That's not true. Believing is an act. You had to do it yourself. You did it. And nobody tells you now to stop believing.”

With Liverpool right back Trent Alexander-Arnold now in tears, Klopp continued in his speech to the home fans: “Because we have you, the super power of world football.”

He followed it up by chanting the name of Arne Slot, his likely successor.

“Arne Slot, la la la la la,” Klopp sang, to the tune of “Live is Life” by Austrian band Opus.

Liverpool finished third in the standings, nine points behind champion Manchester City, but at least won a trophy in Klopp's final season — the English League Cup.

AP soccer: https://apnews.com/hub/soccer