Affirmative Insurance Holdings Sets IPO Price

Addison, Texas-based auto insurer, Affirmative Insurance Holdings Inc., will price shares for its planned initial public offering at an estimated $16 to $18 per share. The company intends to offer 9.92 million common shares with the IPO, which was announced in late March 2004.

Reuters reported that the company, which specializes in non-standard automobile insurance policies, is offering 4.42 million shares, according to an amended offering document filed with the U.S. Securities and Exchange Commission. Selling shareholders will offer another 5.5 million shares.

Affirmative expects to list its shares on the Nasdaq under the symbol “AFFM.” The underwriters, led by Piper Jaffray Inc., will have the option to buy almost 1.5 million more shares to cover any over-allotments, Reuters said.

The estimated offering amount is $258.8 million, according to Alert-IPO.