Motor insurer Sabre is gearing up to list in London, news report says
Specialist motor insurer Sabre is now focusing on a £600m initial public offering (IPO) after talks with potential buyers have failed, Reuters has reported.
Citing two unnamed sources, Reuters said that a joint approach from private equity house Centerbridge and Qatar Re to buy Sabre had been unsuccessful.
It added that a listing, which would be in London and could take place either later this year or early in the first quarter of 2018, would value the motor insurer at £600m.
Previous reports had said that an IPO would value Sabre at more than £500m.
As previously reported by Sky News, Sabre has hired Barclays and Numis Securities to advise it on the initial public offering, which at the time was being considered alongside a sale.
Private equity house BC partners is the majority owner of Sabre, with a 72.1% stake. Sabre’s co-founder and chairman Angus Ball owns 18.8%.
Sabre declined to comment when contacted by Insurance Times.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet