Bermuda-based GeoVera Insurance Holdings Ltd. yesterday revealed that it would offer 5.9 million common shares to the public, with a estimated price range of $16 to $18 each, in its upcoming initial public offering (IPO).

The company is offering 2.1 million common shares, and a selling shareholder is offering 3.8 million common shares, according to a filing with the Securities and Exchange Commission.

The underwriters have an option to purchase up to 885,000 more shares from the selling shareholder to cover overallotments.

GeoVera said it plans to use the net proceeds of the offering to make contributions to the capital of its insurance subsidiaries and for other general corporate purposes.

The company won't receive any net proceeds from the sale of its common shares by the selling shareholder, the SEC filing said.

GeoVera is a supplier of specialty residential property insurance products. In its prospectus, the company said it focused on hurricane-prone markets such as Florida, South Carolina and Texas, and earthquake-vulnerable states such as California, Oregon and Washington.

"We target specialty residential property insurance markets that are under-served by other insurance carriers due to their exposure to certain perils, such as hurricanes or earthquakes, and where we believe we can achieve attractive, risk-adjusted returns," the prospectus states.

GeoVera made first-quarter net income of $13.4 million this year and wrote gross premiums worth $59.7 million. As of March 31, 2007, its total assets were $573.3 million and its shareholder equity totalled $252 million.

On March 26, GeoVera disclosed its plans for an initial public offering to raise up to $115 million, but the firm didn't provide a price range or the size of the offering.

The company listed JP Morgan, Merrill Lynch & Co., Keefe, Bruyette & Woods, William Blair & Co., and Dowling & Partners Securities as underwriters of the offering.

GeoVera said it has applied to list its stock on the Nasdaq Global Market, under the symbol GEOV.