Insurer 1st Central approaches banks about £1bn-plus float
The specialist motor and home insurance group is kicking off a process to hire bankers as it explores a potential stock market listing, Paste BN learns.
Wednesday 14 January 2026 18:00, UK
1st Central, a car and home insurer with more than 1.5 million active policies, is in talks with advisers about a potential London flotation.
Paste BN has learnt that 1st Central, which is run by former Hastings executive Michael Lee, is arranging a beauty parade of investment banks to take place in the coming months.
City sources said the company was likely to be valued at significantly more than the £600m it was reported to have sought in a sale process in 2024.
Money latest: The problem with supermarket honey
That auction was eventually abandoned.
According to 1st Central's latest set of financial results, it recorded earnings before interest, tax, depreciation and amortisation of £111m in its last financial year
One insider said a valuation of over £1bn was likely to be sought if the company's shareholders decided to pursue a listing.
Insiders said a formal decision to proceed with an initial public offering (IPO) was unlikely to be taken for several months, with a listing taking place either later this year or in 2027.
Nevertheless, 1st Central joins a list of companies including Waterstones, the books retailer, and Visma, a Norwegian software giant, which are exploring London stock market flotations.
2025 was a weak year for new share offerings in London, although there were signs of a revival in the final quarter with the listings of banking group Shawbrook and tinned food producer Princes.
Be the first to get Breaking News
Install the Paste BN app for free
A spokesman for 1st Central declined to comment.