Specialty P&C insurer ProCentury announces IPO terms

ProCentury Corporation, a provider of specialty property and casualty insurance coverage for small and mid-sized businesses, announced the terms for its IPO on Wednesday. The Westerville, OH based company plans to offer 8.9 million shares at a range of $10-$12 and has a proposed market cap of $144 million. Friedman Billings, AG Edwards and Raymond James are the underwriters for this deal. A pricing date has yet to be determined.