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Partnership flotation plans gather pace

by Daniel Grote on Feb 18, 2013 at 07:57

Partnership flotation plans gather pace

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.

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

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Roydo

Feb 18, 2013 at 11:51

VC bought for £106m is the answer I reckon.

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Bob 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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