St. Paul Cos., the fourth-biggest U.S. business insurer, postponed for a fourth time an initial public offering of its reinsurance arm, Platinum Underwriters Holdings, citing "market conditions."
"We're temporarily postponing it," a spokesman for St. Paul said. "We're still going to get it done."
The St. Paul, Minn.-based insurer had postponed the offering until this week at the earliest. Its stock fell $1.77 to $34.65 on the New York Stock Exchange.
The delay underscores the difficulties companies face in raising money through stock sales as U.S. stock markets are in a prolonged slump. Drug maker Merck & Co. on Tuesday indefinitely postponed the $1-billion IPO of its Medco Health Solutions Inc. unit.
This year, companies have raised less than $36 billion globally in the IPO market, half the amount sold last year in the same period.