Sabre Insurance has announced its £213m IPO on London’s Main Market, with Barclays and Numis Securities Limited acting as joint global co-ordinators, Joint Bookrunners and Joint Sponsors on the deal.

Founded in 1982, the company generated gross written premiums of £197m in 2016 and said it intends to maintain its focus on the UK private motor insurance market after its float. The Group had the lowest average combined ratio in the UK private motor insurance market over the 10 years ended 31 December 2015 (being the last date to which market information is available).

The company will be valued at £600m on listing.

Highlights

  • Market leading underwriting performance
  • Strong cash generation: Between 2006 and 2016 the Group’s low incremental capital requirement, strong profitability and consistent growth of GWP facilitated an average dividend payout ratio of 90.1%
  • Disciplined, actuarially-driven pricing strategy utilising a proprietary and agile model
  • Streamlined operating model
  • Conservative approach to risk management
  • Controlled and attractive growth: The Group grew GWP at a compound annual rate of 11.3% between 2006 and 2016 whilst its loss ratio remained broadly stable.

Timetable

  • Publication of this Prospectus: 23rd November
  • Deal Closes on SyndicateRoom: 2nd December
  • Deal Officially Closes: 4th December
  • Commencement of conditional dealings on the London Stock Exchange: 8:00 am on 6th December
  • Admission and commencement of unconditional dealings in Ordinary Shares on the London Stock Exchange: 8.00 a.m. on 11 December
  • CREST accounts credited with uncertificated shares: 8.00 a.m. on 11 December

Full details of the Offer will be included in the Prospectus. Prospective investors should rely only on the information contained in the Prospectus when making a decision to participate in the Offer.

Public market deals