First Central Group, the UK motor and home insurer, is preparing for a potential London IPO and has appointed banks to explore a share sale, according to people familiar with the matter.
The company has selected Deutsche Bank and UBS to lead the process, while Fenchurch Advisory Partners has been brought in as financial adviser.
A listing could value First Central at close to £1 bn, sources said. No final decision has been made, and the company could still choose not to proceed with the IPO.
Representatives for First Central, Deutsche Bank, and UBS declined to comment. Fenchurch did not immediately respond to requests for comment.
The potential listing comes as several UK insurance-related firms weigh public market options, even as geopolitical tensions inject uncertainty into IPO timelines.
Private equity-backed cyber insurer CFC Group and wealth manager Utmost Group are also working with advisers on potential IPOs or sales, according to earlier reports.
First Central, led by former Hastings Group executive Michael Lee, provides motor and home insurance to around 1.5 million customers across the UK.
The group reported gross written premiums of £745mn in 2024 and adjusted core earnings of £111mn, based on its latest available accounts.
