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Tab on a file folder for insurance.
Tab on a file folder for insurance.

Reinsurer Aurigen pulls Canadian IPO

Reinsurer Aurigen Capital Ltd. is backing out of an initial public offering less than one week after trimming the size of the transaction.

The company originally sought to raise $225-million with shares priced between $13 and $15 each. When soft demand and doubts about the company’s valuation failed to generate the expected interest, the price per share was cut to the $9.50-to-$10.50 range. The most recent plan was for a $200-million IPO.