Safe Auto Insurance Group files for $50m IPO

US personal auto insurer Safe Auto Insurance Group has filed for an initial public offering (IPO) of its common shares to raise up to $50 million.

The Ohio-based insurer has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) on May 17.

Safe Auto has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol 'SAIG'.

The company has retained BofA Merrill Lynch and Deutsche Bank Securities as lead book-running managers for the offering.