On Friday, Partnership Assurance Group, a private equity backed life insurer announced its London listing at GBX385 per share. This makes the company valued at US$2.4 billion.
Partnership offers retirement pension, life assurance plans and residential care. The company has its own propriety underwriting manuals and mortality data. It has also twelve seats for its board of directors.
The value was increased by upper half of the original price per share. Originally, it was GBX325 increasing to GBX400.
Cinven, a private equity firm that was established in 1997, owns the majority of the British firm, Partnership Assurance Group. In an initial public offering, Partnership gained a total of GBX485 million. This included the GBX125 million amount that will be used to pay off the company's own debt.
Cinven will retain 52% of its shares in the company following the listing. Cinvin bought 80% of Partnership's stake for EUR200 million in 2008.
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