Partnership Assurance Group Undertakes IPO

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The private equity backed life insurance company Partnership Assurance Group had announced plans to float shares in the London Stock Exchange. This is another sign that the initial public offer market in London is on the rebound.

The company is owned by private equity firm Cinven since 2008 and was able to generate a profit of GBP112 million or US$171.97 million back in 2012. It claims to have a 26% market share in the GBP4.5 billion non-standard annuities industry in Britain.

For its part, Cinven is planning to sell off a portion of its held shares and issue new shares in order to raise about GBP120 million in order to achieve the minimum free float of 25%.

Both Bank of America Merrill Lynch and Morgan Stanley have been engaged as joint sponsors as well as joint global coordinators together with Keefe Bruyette & Woods together with Panmure Gordon & Co acting as co-lead managers. The financial adviser to the company is Evercore.

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Insurance

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