Partnership Assurance Group in £1bn float plans

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PARTNERSHIP Assurance Group, the private-equity backed life insurer, yesterday announced plans to list on the London Stock Exchange in a further sign that the market for flotations is rebounding.

Private equity firm Cinven, which has owned the Surrey-based life insurer since 2008, plans to sell a portion of its existing shares as well as issue new shares to raise approximately £120 million. The move could see Partnership’s initial market valuation top £1 billion. Partnership generated profits of £112m in 2012 and claims a 26 per cent share of the £4.5 billion non-standard annuities market in the UK. Bank of America Merrill Lynch and Morgan Stanley have been appointed as sponsors and co-ordinaters.