Big boost to LSE
In a big boost to the London Stock Exchange (LSE) listings after two firms pulled out earlier this month, British car insurer Sabre announced today plans to raise around £213m in an initial public offering in London next month.
Founded in 1982, Sabre generated gross written premiums of £197m in 2016 and said it intends to maintain its focus on British private motor insurance market. The listing would reportedly value the whole company at around £600m, according to a report in Reuters.
Sabre’s private equity owner BC Partners is looking to list the Dorking-based firm in London following an unsuccessful joint approach from US investment firm Centerbridge and Qatar Reinsurance Company, sources told Reuters in September.
BC Partners took a majority stake in Sabre in 2013 in a £240m deal. The company, which is behind the Insure 2 Drive, Go Girl and Drive Smart brands, abandoned talking with prospective buyers in favour of a listing.