Penta-backed Esure moves forward with IPO plans
Penta Capital's portfolio company Esure has confirmed its intention to list on the London Stock Exchange.
The Reigate-based property and casualty insurance company is looking to use proceeds from the offering to repay £50m worth of perpetual subordinated loan notes.
Esure was acquired by Penta, supported by Electra Partners and Maven Capital Partners, in a £270m buyout from Lloyds Banking Group in January 2010.
In 2012, the company's pre-tax profits amounted to £115.5m, a 110% increase from the year prior, with a trading profit of £138.1m. Its combined operating ratio is 92.8%.
Read more about the IPO plans in unquote's sister publication Post.
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