The boss of a UK insurance giant created by the merger of Towergate and four others has said the group will discuss the possibility of an initial public offering when it is a “monster” next year.
Towergate, Autonet, Chase Templeton, Ryan Direct and Price Forbes were pulled into one holding company by its US private equity owners last month in a move that bought together 5,000 staff and around £500m of annual revenues.
Now the UK’s largest independent broking and underwriting firm, the chief executive of the enlarged company – called The Ardonagh Group – is not ruling out a potential sale or listing of the business.
“Decisions will be based on being in control of our own destiny in 10 years,” said chief executive David Ross, who previously ran rescued insurer Towergate.
“We could IPO,…