Benfield Grieg looks set to float in October, according to market sources.
The reinsurance broker was originally said to be planning its listing on the New York Stock Exchange at $1.4bn (£960m) in the first half of 2002.
It was also reported to be in talks with US investment bank Morgan Stanley.
But senior sources have revealed the UK-based company "is in no rush" to push the flotation as it considers all options, including setting up a new holding company in Bermuda. Some reports have suggested the float will take place in October
"It wants to make sure it is well prepared for the market," said one figure.
"It is not in any fit state to do it at the moment and is going to consider redomiciling to Bermuda to float in the US.
"It is easier to do it from there as it doesn't want to float with a dual listing.
"Benfield Grieg is looking to do it at the back end of 2002. If anything, it will see the benefit of rates improving through the year."