Bermuda-based insurer GeoVera Insurance Holdings Ltd. was scheduled to begin trading on the Nasdaq Stock Market yesterday — but it never happened.

That was because the company's initial public offering (IPO), slated for Tuesday, was postponed indefinitely.

An unnamed underwriter, quoted by Reuters yesterday, cited "market conditions" as the reason for the change of plan.

GeoVera had planned to offer 5.9 million shares in a forecast price range of $16 to $18.

GeoVera provides specialty residential property insurance products, focusing on two lines of business, specialty homeowners and residential earthquake.

Although GeoVera is incorporated in Bermuda, it counts Fairfield, California, as its primary place of business.