The offering exclusively features secondary shares held by entities linked to CVC Capital Partners and White Mountains Insurance Group. These selling stockholders have also provided underwriters with a 30-day option to acquire an additional 5.25 million shares. The registration statement for the offering has been filed with the Securities and Exchange Commission, though it has not yet reached effectiveness.

J.P. Morgan and Morgan Stanley are leading the transaction as joint bookrunning managers, supported by a syndicate that includes Deutsche Bank Securities, Evercore ISI, and Wells Fargo Securities. The firm, which utilizes AI-driven underwriting and data analytics to manage its insurance value chain, remains in the preliminary stages of the public market entry. Sales cannot proceed until the SEC filing is finalized.