Ironshore, an international specialty property and casualty insurer, officially withdrew its plans for an initial public offering on Thursday.
The company announced in early May that it would be acquired by Fosun International, the investment arm of China's largest conglomerate. Fosun had purchased a 20% stake in the IPO candidate in August 2014 for $464 million, and recently agreed to pay $1.84 billion for the remaining 80%.
Another Bermuda-based specialty insurer, James River Group (JRVR), went public in December 2014 and trades 11% above its offer price.
The Hamilton, Bermuda-based company was founded in 2006 and booked $1.4 billion in revenue for the 12 months ended March 31, 2014. It had planned to list on the NYSE under the ticker IRSH. BofA Merrill Lynch and UBS Investment Bank were set to be the joint bookrunners on the deal.
