Life assurer in £1.5bn debut

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Private equity-backed life assurer Partnership Assurance – which provides annuities for people with medical conditions – was valued at more than £1.54 billion as it made a strong stock market debut yesterday

Investors who bought shares at 385p in its initial public offering, saw them rise as high as 474p at one stage before falling back to close at 450p.

Private equity firm Cinven, which has owned the Surrey-based life insurer since 2008, sold a portion of its existing shares as well as issuing new shares to raise approximately £120 million.

Partnership, which generated profits of £112m in 2012, claims a 26 per cent share of the £4.5bn non-standard annuities market in the UK.