HLF Group, the broker formerly known as Heath Lambert, would turn down a trade sale, a director said.
Development director William Wilks ruled out the move after the company postponed a planned flotation because of stock market volatility.
The float, which was postponed on Monday, would have raised about £229m and enabled HLF to use about £262m to repay debt.
Wilks said the postponement did not leave the company facing pressure to repay its venture capitalist backers.
Asked if HLF would agree to a trade sale, he said: "I suspect we would say no.
"It is certainly not something we have in mind and not something we have in contemplation." Cash flow was very strong.
Wilks said the company's exposure to film finance litigation was less than the £280m estimated in a flotation prospectus.
The litigation resulted from policies broked to banks and film studios in the 1990s, in common with other insurance brokers.
The policies insured against the risk that money provided by banks to film studios was not fully recovered if movies flopped.
In the prospectus the company said the total amount of the estimated losses of films with which it was involved was £280m. All actions were being defended and all allegations were denied.
The prospectus said: "The directors, having examined the circumstances that gave rise to the proceedings and having considered the E&O insurance cover available to the group, believe that the outcome of the proceedings referred
to above will not, either singly or in aggregate, have a material adverse impact upon the group's financial condition or results of operations."
HLF does not broke similar policies any more.
