£3bn stock market listing would mark the break-up of Acromas
Private equity-backed insurance broker Saga could float on the stock market as early as next year’s first quarter, the Financial Times reports.
Saga’s £3bn flotation would mark the break-up of Acromas, which was formed in 2007 with private-equity backing to merge Saga with roadside assistance firm and insurance broker AA.
Citing sources familiar with the matter, the FT said Acromas’s private-equity backers Permira, CVC and Charterhouse have started a consultation to appoint advisers for the flotation.
A break-up of Acromas has long been rumoured. Speculation intensified in June when AA issued bonds to refinance part of Acromas’s bank debt.
Saga and AA’s insurance broking operations are big players in the UK general insurance market. The combined operation ranks fifth in the Insurance Times Top 50 Brokers.