On December 19, 2023, Heritage Insurance Holdings, Inc. (NYSE: “HRTG” or “Heritage”), a super-regional property and casualty insurance holding company, announced the successful conclusion of its primary public offering of common stock. The gross proceeds, totaling approximately $25 million before accounting for underwriting discounts, commissions, and other expenses.
The primary offering comprised of 3,703,703 shares of common stock sold at a public offering price of $6.75 per share. Heritage plans to leverage the net proceeds of capital to support both its growth expansion initiatives as well as for operational purposes. Please see a case study of the transaction here
Stonybrook Capital, LLC and its affiliates served as Financial Advisor for the public offering.
Kirk Lusk, Chief Financial Officer, Heritage, commented:
“Stonybrook continues to be a valuable and independent thought partner to Heritage, especially related to this transaction. They helped us think through a variety of capital markets options, advising on structure, approach, and acting as a true partner on execution. Stonybrook and Heritage have a long history together and we look forward to working with the team on additional strategic topics in the future.”
Adam Clay, Partner, Stonybrook, commented:
“It was a pleasure to work with Kirk and Ernie on their recent ECM transaction. We truly value our relationship with Heritage and certainly appreciate all the commercial support we receive from the management team. Hertiage continues to afford us the opportunity to offer-up perspectives across a variety of strategic situations. Our firm is extremely proud to announce this transaction and we look forward to seeing Heritage continue to achieve its longer-term goals”.
About Stonybrook Capital
Stonybrook Capital is a global investment banking and reinsurance broking firm, with headquarters in New York City and offices in London, that focuses exclusively on the insurance and reinsurance industry. The Firm was founded in 2012 and was ranked #2 behind Goldman Sachs in the S&P advisory league tables for 2022.
Securities transactions are executed through Weild & Co., member FINRA | SIPC
Corporate contact:
Kendel Bell
[email protected]