A PYMNTS Company

US: Ironshore tries for IPO again

By  |  July 26, 2016

Specialty and surplus lines insurer Ironshore Inc. is once more on the course to be a publicly traded company after it filed for an initial public offering on July 22.

This move comes two years after the company previously filed for an IPO with the U.S. Securities and Exchange Commission. but those plans were put on hold after Chinese conglomerate Fosun International Ltd. bought a stake in the Hamilton, Bermuda-based insurer. Fosun, which paid $1.8 billion for the remaining 80% share in Ironshore that it did not already own in May 2015, will receive all the proceeds from the offering.

In a filing on July 23, Ironshore said that the proposed offering price would be $100 million. It was noted, however, that this figure was “estimated solely for the purpose of computing the amount of the registration fee” required for the filing.

According to the filing, Ironshore reported gross written premiums of $2.16 billion in 2015. About 65% of its business is generated from the United States.

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