First Mercury Financial Corporation, a specialty underwriter of excess and surplus (E&S) insurance under the CoverX brand, announced the terms for its IPO on Wednesday. The Michigan-based company plans to offer 9.7 million shares at a range of $16-$18, giving the deal a proposed market cap of $270 million. JP Morgan and Keefe, Bruyette & Woods are leading the group of underwriters on the deal. Timing has yet to be announced.
