Ironshore, a international specialty property and casualty insurer, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million.
The Hamilton, Bermuda-based company was founded in 2006 and booked $1.7 billion in sales for the 12 months ended March 31, 2016. BofA Merrill Lynch, Citi, J.P. Morgan and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
