Ironshore Files for Public Offering Led by BofA, UBSZachary Tracer and Kelly Gilblom
Ironshore Inc., the insurer led by executives who left American International Group Inc. in the financial crisis, filed for a $100 million initial public offering so that its backers can reduce their stakes.
Bank of America Corp. and UBS AG are managing the offering, Bermuda-based Ironshore said today in a regulatory filing. The $100 million figure is a placeholder used to calculate registration fees and could change.
Ironshore provides specialty commercial insurance coverage, and said shareholders’ equity, a measure of assets minus liabilities, stood at $1.81 billion as of March 31. The insurer posted net income of $97.4 million last year, down from $131.7 million in 2012. Chief Executive Officer Kevin Kelley and President Shaun Kelly joined the property-and-casualty insurer from AIG in 2008.
“The financial crisis of 2008, which had a material negative impact on several leading U.S. P&C insurers, created a unique opportunity for Ironshore to accelerate its hiring and growth strategy,” the company said in the filing.
Ironshore was founded in December 2006 with more than $1 billion in private-equity backing. Irving Place Capital Management LP owns about 24 percent of Ironshore and Calera Capital Advisors LP has 19 percent, today’s filing shows.