Elements Property Insurance Co. is pursuing a sale as the company's investors are looking for an exit, The Insurance Insider reported, citing sources.

A prospectus related to the planned sale has been released early in December. Guy Carpenter has been engaged to advise on the potential transaction, according to the report. The report noted that the Florida homeowners market is facing several challenges.

AXIS Capital Holdings Ltd., Arch Capital Group Ltd. and Dowling Capital Partners are among the equity investors of Elements Property Insurance.