Demand for shares pushes value to more than £1.3bn

The Partnership life insurance company

Partnership Assurance is preparing one of the biggest London flotations of the year following strong demand for its shares.

The niche life insurer expects to close its order book tomorrow and begin conditional trading on Friday, as demand pushes the valuation towards the upper end of the £1.3bn to £1.6bn range, sources say.

The firm’s specialist business model involves selling more generous annuities to people with reduced life expectancy, such as heavy smokers. The flotation stands to generously reward management, who together own a fifth of the firm.