First Central Group, a provider of car and home insurance in the UK, has begun preparations for a potential flotation on the London Stock Exchange, reported Bloomberg, citing sources.
The company has engaged Deutsche Bank and UBS Group to oversee the possible initial public offering (IPO), sources said, requesting anonymity as details remain confidential.
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Fenchurch Advisory Partners has also been brought in as a financial adviser for the process.
A stock market debut could value First Central at nearly £1bn, according to people familiar with internal discussions.
However, they noted that the company may ultimately choose not to proceed with the IPO.
First Central, along with representatives from Deutsche Bank and UBS, declined to comment on the matter.
Fenchurch Advisory Partners did not respond immediately to requests for comment.
The insurer’s consideration of a listing comes as several other UK-based financial services companies are weighing similar options.
Recent reports have identified CFC Group, a cyber insurance provider, and Utmost Group, a wealth manager, as among those also exploring IPOs or sales.
Michael Lee, previously of Hastings Group, serves as chief executive of First Central.
The business covers around 1.5 million UK policyholders and reported gross written premiums of £745m in 2024, alongside adjusted core earnings of £111m, based on its latest published accounts.
First Central, which is headquartered in Guernsey, evaluated a sale through Evercore in 2022, according to an earlier report by Bloomberg.
