Partnership Assurance Offers Shares for 325-400 Pence -Sources

Private-equity backed life insurer Partnership Assurance Group has set a price range of 325 pence to 400 pence per share for its planned London listing, Reuters reported.

(Reuters) – Private-equity backed life insurer Partnership Assurance Group has set a price range of 325 pence to 400 pence per share for its planned London listing, two people familiar with the matter said on Tuesday.

That values the British company, majority owned by private equity firm Cinven since 2008, at between 1.3 billion and 1.6 billion pounds ($1.96 billion to $2.4 billion), one of the people said.

Partnership, which provides annuities offering higher annual payments to customers with medical conditions, plans to raise 125 million pounds from the sale of new shares to pay down debt.

Cinven and company management will also be selling around a quarter of their stakes in the initial public offering (IPO), which is expected to be completed around the middle of this month.