Iron Trades has dismissed trade rumours of plans to demutualise. Chief executive Robert Hardy told Insurance Times: "I can state quite categorically that there are no discussions about changing our mutual status. This is an idea that is just not in the ether, as far as we are concerned. There are too many uncertainties to allow us to consider it."
Commenting on parallel speculation that Iron Trades is looking for a buyer, Hardy said: "This is just press speculation, and is an irritant."
Pressed to rule out the rumour categorically, Hardy said: "No entity can ever rule that out, but it's just pure speculation. My emphasis is on being a Top 10 insurer by 2005"
Sale rumours were sparked three months ago, when Iron Trades appointed the American investment bank Donaldson Lufkin & Jenrette to conduct a strategic review of its affairs.
