CFC declines to comment as it reportedly considers £5bn UK listing

Specialist insurance provider CFC is exploring a UK listing that could value it at £5bn, according to a report from the Financial Times (FT).

Citing people familiar with the matter, the FT said that CFC, which is owned by EQT and Vitruvian Partners, is speaking with bankers about options including a sale or an initial public offering (IPO).

An IPO is when a private company sells shares to the public for the first time on a stock exchange.

The FT said that according to people familiar with the matter, no final decisions have been taken yet.

The report also stated that the specialist could seek to list on another exchange, such as in the US, with discussions still in early stages and any deal unlikely before the second half of next year.

When approached by Insurance Times, CFC declined to comment on the report.

CFC growth

CFC secured investment from EQT and Vitruvian Partners in 2021.

At the time, Robert Maclean, partner at EQT, said: “CFC is a truly innovative insurance business with technology at its core and a track record of growth and profitability which surpasses even the most mature fintech businesses we’ve seen.

“The accelerating pace of investment in its core platform aligns perfectly with EQT’s approach of future-proofing companies.”

Recently, CFC completed a $1.7bn debt refinancing, marking a milestone in the company’s ongoing strategy to optimise its capital structure and reduce its cost of capital.

Louise O’Shea, group chief executive at CFC, said: “This refinancing enhances our financial flexibility, positioning us well for future growth and ultimately enabling us to add greater value to our clients and partners.

“We are grateful for the support of our investors and the dedication of our teams who made this transaction a success.”