British insurer First Central Group Ltd. is contemplating a sale that would worth the enterprise at about 600 million kilos ($800 million), individuals with information of the matter stated.
First Central Group is working with Evercore Inc. because it prepares to gauge curiosity from potential patrons, in response to the individuals, who requested to not be recognized as a result of the data is non-public. It may kick off a sale course of as quickly because the second quarter, the individuals stated.
The corporate, which employs greater than 1,000 individuals, underwrites automobile insurance coverage beneath the Skyfire model and owns insurance coverage brokerage 1st Central. First Central Group was based in 2008 to reap the benefits of new methods of promoting protection to U.Okay. drivers following the rise of price-comparison web sites. It’s led by Michael Lee, a former government at Hastings Group Holdings Plc.
First Central Group is more likely to entice curiosity from non-public fairness corporations, the individuals stated. Deliberations are ongoing, and there’s no certainty they’ll result in a transaction, in response to the individuals.
Representatives for First Central Group and Evercore declined to remark.
–With help from Benjamin Robertson and Dinesh Nair.
{Photograph}: Visitors mild trails on the A27 twin carriageway in Brighton, UK. Picture credit score: Chris Ratcliffe/Bloomberg
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