Home Business NewsBusinessBusiness Growth News British car insurer Sabre seeks £213m listing next month

British car insurer Sabre seeks £213m listing next month

by LLB Reporter
13th Nov 17 9:12 am

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.

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