Reuters – Partnership Assurance Group London Float

Partnership Assurance Group is to float on the London Stock Exchange, writes Reuters. Owned by private equity firm Cinven since 2008, the life insurer generated profit of 112 million pounds ($171.97 million)in 2012 and claims a 26 percent share of the 4.5 billion pound non-standard annuities market in Britain.

Reuters – Partnership Assurance Group, the private-equity backed life insurer, announced plans on Monday to float on the London Stock Exchange, in a further sign that London’s initial public offering market is rebounding.

Owned by private equity firm Cinven since 2008, the life insurer generated profit of 112 million pounds ($171.97 million)in 2012 and claims a 26 percent share of the 4.5 billion pound non-standard annuities market in Britain.

Cinven plans to sell a portion of its existing shares as well as issue new shares to raise approximately 120 million pounds to achieve a minimum free float of 25 percent.

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