Cyber insurance coverage firm CFC is within the means of evaluating choices together with a possible UK itemizing at a valuation of greater than £5bn ($6.74bn), reported the Monetary Instances.
Owned by non-public fairness corporations EQT and Vitruvian Companions, CFC is in discussions with funding bankers over potential avenues corresponding to a sale or an preliminary public providing (IPO).
Nevertheless, sources near the matter have indicated that no definitive selections have been made at this level.
CFC, a London-based firm specialising in cyber insurance coverage, can be considering itemizing on various exchanges, together with these within the US.
These concerns are nonetheless within the preliminary phases, and any potential deal just isn’t anticipated to materialise earlier than the latter half of subsequent 12 months, the report mentioned.
The corporate, which was valued at simply over £2.5bn following EQT and Vitruvian’s funding in 2021, operates as a managing basic agent (MGA).
Initially established as ClickForCover.com, CFC has diversified its choices to incorporate insurance coverage merchandise that shield firms towards a big selection of dangers corresponding to medical malpractice and product recall.
The group has not too long ago accomplished a major debt refinancing of $1.7bn and has developed an insurance coverage service for small companies concerned in mergers and acquisitions.
With an enlargement into greater than 20 specialist insurance coverage lessons, CFC now operates 9 workplaces worldwide and employs greater than 950 people.
The corporate’s buyer base has grown to roughly 150,000, as said on its web site.
Final month, CFC appointed Nick Line as its new chief underwriting officer (CUO).
Line will be a part of CFC in 2026 following a 28-year tenure at Markel, the place he has served as CUO since 2018.
Line started working within the insurance coverage business in 1997, serving in roles corresponding to chief actuary and CUO.
