Life insurer Partnership Assurance Group is preparing to float at around 325-400p per share according to Reuters. This puts the firm at around £1.3-1.6bn.
Partnership is presently majority owned by private equity firm Cinven. City A.M. reported in April that Bank of America Merrill Lynch and Morgan Stanley have been working on the listing while PR firm Citigate has been hired to provide media support.
The float is expected to push the company into the FTSE 250. Our insurance reporter James Waterson:
Partnership specialises in providing financial products for clients with reduced life expectancy, such as annuities for smokers or insurance for members of the public suffering from conditions such as cancer or organ failure.
The company began life in 1995 as a friendly society before demutualising in 2005. Phoenix Equity Partners then sold the business to Cinven for £160m in 2008, meaning the current owners are on track to make a profit of more than £800m in just five years.