UK insurer First Central is reportedly considering a sale that could value the business at about £600m.
According to Bloomberg, which cited people with knowledge of the matter, First Central is working with Evercore as it prepares to gauge interest from potential buyers. It was understood the firm could kick off a sale process as soon as the second quarter.
The company, which employs more than 1,000 people, underwrites car insurance under the Skyfire brand and owns insurance brokerage 1st Central.
Founded in 2008, it is led by Michael Lee, a former executive at Hastings Group.
Bloomberg said the business is likely to attract interest from private equity firms. Sources said deliberations are ongoing and there’s no certainty they will lead to a transaction.
