Henrico County-based specialty insurer Kinsale Capital Group Inc. said Monday that its largest shareholder is offering to sell 2.8 million shares of the company’s common stock in a secondary, underwritten offering.
Kinsale, the parent company of a specialty property and casualty insurer, said it will not receive any proceeds from the sale. The company completed an initial public offering of stock on Aug. 2 that generated net proceeds for the company of about $72.8 million after expenses.
The seller, Moelis Funds LLC, is a significant stockholder in Kinsale and would own about 25.6 percent of Kinsale Capital’s outstanding common stock after the sale, or 23.6 percent if the underwriters exercise their option to purchase additional shares from the selling stockholders in full.
