Benchmark Holding Company has announced its agreement to acquire 7710 Insurance Company, along with its associated program manager and agency, 7710 Service Company, LLC and Creekwood Insurance Agency, LLC. Founded in 2014, 7710 specializes in underwriting workers' compensation for emergency services, utilizing a proprietary safety program designed by industry professionals. This acquisition will enhance Trean Insurance Group's reach in providing services to underserved insurance markets. Financial terms of the transaction were not disclosed.
Trean Insurance Group announced the pricing of its initial public offering (IPO) of 10,714,286 shares at $15.00 each. The IPO is set to begin trading on Nasdaq under the symbol TIG on July 16, 2020, and is expected to close on July 20, 2020. The offering includes 7,142,857 shares from Trean and 3,571,429 shares from selling stockholders. Underwriters have a 30-day option to purchase an additional 1,607,142 shares. Trean will not receive proceeds from the selling stockholders' shares.