United Guaranty, a spinoff of AIG’s residential mortgage insurance business, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise over $1 billion.
The Greensboro, NC-based company was founded in 1963 and booked $923 million in revenue for the 12 months ended December 31, 2015. It plans to list on the NYSE. The company did not disclose a proposed ticker symbol. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
