London Stock Exchange welcomes Sabre Insurance Group plc to the Main Market
London Stock Exchange today welcomed Sabre Insurance Group, a UK private motor insurance underwriter, to the [premium listing] segment of the Official List of the FCA and to trading on the Main Market for listed securities. The offer price has been set at 230 pence per share which equates to a market capitalisation of £575m on admission.
Founded in 1982, Sabre has a track record of market leading underwriting performance, controlled and attractive growth and cash generation. The Group generated gross written premiums of £196.6 million for the year ended 31 December 2016 and had an average of approximately 325,000 in force policies during that period.
Sabre has a focus on generating profit from its underwriting activities with approximately 86 per cent of operating profit generated from underwriting in the year ended 31 December 2016. Policies are distributed through a broad network of over 1,000 brokers and direct to customers through three direct brands - Go Girl, Insure2Drive and Drive Smart. Sabre employs a team of approximately 150 individuals operating from a single owned site in Dorking, Surrey.
Geoff Carter, Chief Executive, said:
"I am delighted that Sabre has joined the LSE Main Market today. This is an important day for us and we believe Sabre will thrive as a listed business and capitalise on the competitive advantages it has in order to deliver significant value to our shareholders in the future."
Barclays and Numis Securities acted as Joint Global Co-ordinators, Joint Sponsors and Joint Bookrunners, Peel Hunt and Berenberg acted as Co-lead Managers, whilst Evercore acted as the Financial Adviser to Sabre.