THE INSURANCE tycoon Peter Wood has lined up bankers to prepare a bumper listing of esure, reports last night said.
Wood, who also founded the car insurer Direct Line, is said to have hired Deutsche Bank and JP Morgan to help ready the company for a stock market flotation that is being earmarked for next year, according to Sky News.
The choice of bank advisers will come as a blow to Barclays Capital, which threw plenty of effort into winning the mandate. Bob Diamond, the chief executive of Barclays Bank, attended a meeting with Wood at the time of the pitching process.
Diamond’s presence is down to his relationship with the founder Wood, who he knows from his days when he set up Direct Line – and they are both Chelsea fans.
The company could be valued at north of £1bn.