William McConnell and Evan Thwaites have teamed up again, this time to establish IronRock Insurance, a start-up for which the partners aim to raise $315 million of equity capital through an initial public offering that opens next Tuesday.
The former bosses of Lascelles deMercado and Globe Insurance Company, respectively, started the general insurer with US$1.15 million ($138 million) late last year – Globe was a subsidiary of Lascelles before it was sold to Guardian Holdings. Lascelles itself was acquired by Campari Group and renamed for J. Wray & Nephew Limited, which was the flagship operation of the spirits conglomerate.
Now, McConnell and Thwaites are offering 49 per cent of the shares in IronRock with hopes of listing on the Jamaica Stock Exchange before the Government stops granting tax concessions to new equities on the junior market come April 1. If IronRock beats the cut-off, the company will qualify for a waiver on corporate taxes. It will become the second general insurer to list on the junior exchange alongside General Accident Insurance, a member of the Musson Group’s stables.
Published in the Gleaner
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