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Ironshore Insurer Files for Public Offering Led by BofA, UBS

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.

By Zachary Tracer, Kelly Gilblom, Bloomberg | Updated on June 18, 2014
(Bloomberg) — 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.

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