Insurance Expertise

FBR Capital Markets has become the dominant player in the small- to mid-cap insurance market, a sector in the midst of major transition as smaller companies gain increasing access to capital.  Since 2004, we have been the #1 underwriter of initial equity capital raises for insurance companies, acting as book-running lead manager on 11 of the last 30 initial public offerings and 144A private placements, raising nearly $2 billion in new capital.¹  In 2007, we were the #1 book-running manager of all common stock offerings for U.S. and Bermuda insurance companies with a market capitalization of $1 billion or less.²

Our focus is on small-cap specialty insurance companies which have strong underwriting performance. Typically, they have a market capitalization under $2 billion, a strong and defensible market position and solid management.  We provide them with the capital to expand their businesses through organic growth and acquisitions.  We also provide advisory services for the sale of insurance companies to strategic and financial buyers.  FBR Capital Markets' Insurance Research group covers a universe of insurance companies that includes carriers in the property, casualty, life, marine, liability and health sectors, as well as specialty insurers.

1)Source: Dealogic. Relates to number of transactions of all common stock of U.S. and Bermuda issuers offered in IPOs or transactions exempt from SEC registration pursuant to rule 144A, on a combined basis. Transactions priced between 1/1/04 through 03/31/07 with apportioned credit to all book-runners including overallotment. Includes only rank eligible transactions.

2)Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. and Bermuda insurance companies with a market capitalization of $1 billion or less. Transactions priced between 1/1/07and 12/31/07, with apportioned credit to all book-runners including overallotment. Includes only rank eligible transactions.