Specialty P&C insurer Ironshore files for a $100 million IPO

Ironshore, an international specialty property and casualty insurance group, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely a placeholder. We estimate the company could raise $300 million or more. The Hamilton, Bermuda-based company, which was founded in 2006 and booked $1.4 billion in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol IRSH. BofA Merrill Lynch, UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed. With over $1 billion in fiscal year 2013 revenue, Ironshore is not an emerging growth company and could go public after mid-August at the earliest.