Financial Pacific Files for $25-Million Offering
Financial Pacific Insurance Group Inc. and shareholders of the small-business property and casualty insurer filed to sell 2.5 million shares, 50.3% of the company, in a $25-million initial public offering. The Rocklin-based company plans to sell 2 million of the 2.5 million common shares in the IPO for between $9 and $11 each, it said in a filing with the Securities and Exchange Commission. Investors plan to sell the other 500,000 shares. The $10 midpoint of the expected price range would imply Financial Pacific has a market value of $49.7 million, based on 4.97 million shares outstanding after the IPO, excluding 82,819 shares from employee stock options, the SEC filing said. Through its Financial Pacific Insurance Co. unit and independent sales agents, the company writes specialized insurance policies, typically worth between $1,100 and $5,000 a year in premiums, for niche businesses in rural California areas.