"The stalled economic recovery, volatile stock market and undervalued property and casualty insurance stock prices create an unfavorable environment for receiving appropriate value for the business," the company said in a statement.
The insurer said it has "more than adequate" capital to conduct its business and that the delay would not impact its day-to-day operations.
In a filing with U.S. regulators earlier this month, the company said it expected to raise $1.22 billion through its offering of 64.3 million Class A shares.