Why one firm pulled the plug
Insurers that have plotted going public will be weighing up their options after a stalled start to a hotly hyped 2024 initial public offering (IPO) season.
On Wednesday, specialty insurer Fortegra pulled back from listing plans. Underscoring company nerves and market-wide investor caution, Fortegra’s pivot may be seen as a bad sign by other insurance businesses that have eyed public debuts.
At least one other insurer appears to have been hedging its bets in a buyer’s market, after two out of three specialty insurers that listed last year failed to hit the mark.
One IPO researcher pointed to recent speculation around a potential Apollo-backed Aspen reverse merger with SiriusPoint.