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Partnership flotation plans gather pace
by Daniel Grote on Feb 18, 2013 at 07:57
Plans for a £1 billion flotation of enhanced annuity provider Partnership Assurance are gathering pace, according to The Sunday Times.
It said plans for an initial public offering, which first emerged last summer, are gaining momentum due to the rally in the markets.
Partnership owner Cinven appointed Morgan Stanley and Bank of America Merrill Lynch to lead the listing preparations in June last year.
Private equity group Cinven bought Partnership, headed by chief executive Steve Groves (pictured), in 2008 for £160 million.
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- Cinven considers £1bn Partnership flotation
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FCA urged to clarify platform promotion rules
by Michelle Abrego on Jun 19, 2013 at 15:33
3 comments so far. Why not have your say?
Anitaki
Feb 18, 2013 at 11:10
This worries me.
Why do they need to float??
Flotations in this industry are often the first step to destruction. I can think of many failures of banks B Socs and insurers after "flotation". I struggle to think of any successes
report thisRoydo
Feb 18, 2013 at 11:51
VC bought for £106m is the answer I reckon.
report thisBob Donaldson
Feb 18, 2013 at 12:03
You could argue are you more secure placing business with Aviva or Partnership. You can do due diligence at point of starting to use the company but you can only hope that the FSA is watching it through RMAR returns thereafter.
How many of us have used what appeared to be really secure companies in the past and they have turned out poor to mediocre at best. NPI, Scottish Mutual, Royal Life, Sun Alliance and the list keeps growing.
Death of a once great industry by a thousand cuts.
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