Platinum, Crum & Forster IPOs Delayed
NU Online New Service, July 10, 10:57 a.m. EST?Citing market conditions, two insurance organizations--The St. Paul Companies and Fairfax Holdings Limited--announced delays in two separate initial public offerings in the last two days.
Yesterday, The St. Paul said that the IPO of common shares by Platinum Underwriters Holdings, Ltd., the Bermuda-based company that will acquire the ongoing reinsurance business of The St. Paul Companies, had been postponed. The Minnesota-based insurer said it intends to complete the transaction when market conditions allow.
Chairman Prem Watsa of Toronto-based insurance holding company, Fairfax, suggested that the IPO of its wholly-owned subsidiary, Crum & Forster Holdings, was being put off indefinitely. Mr. Watsa was asked about the postponement, which had been announced a day earlier, during an investor meeting held in New York yesterday and simultaneously Webcast.
"We're going to put it on the back burner," he said.
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