Partnership Assurance Group is to float on the London Stock Exchange, writes Reuters. Owned by private equity firm Cinven since 2008, the life insurer generated profit of 112 million pounds ($171.97 million)in 2012 and claims a 26 percent share of the 4.5 billion pound non-standard annuities market in Britain.
Reuters – Partnership Assurance Group, the private-equity backed life insurer, announced plans on Monday to float on the London Stock Exchange, in a further sign that London’s initial public offering market is rebounding.
Owned by private equity firm Cinven since 2008, the life insurer generated profit of 112 million pounds ($171.97 million)in 2012 and claims a 26 percent share of the 4.5 billion pound non-standard annuities market in Britain.
Cinven plans to sell a portion of its existing shares as well as issue new shares to raise approximately 120 million pounds to achieve a minimum free float of 25 percent.
Bank of America Merrill Lynch and Morgan Stanley have been appointed as joint sponsors and joint global co-ordinaters with Keefe Bruyette & Woods and Panmure Gordon & Co acting as co-lead managers. Evercore is financial adviser to the company.
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