Hyperion Insurance Group Ltd. mandated Morgan Stanley to find potential buyers for a minority stake in the company, Reuters reported Oct. 12, citing sources.

The deal could value the British insurance firm, which mainly operates as a broker, at more than £1 billion, the sources said, adding that the firm could sell roughly a 25% stake to a sovereign wealth fund or a long-term investor. General Atlantic owns 35% of Hyperion, with the remainder in the hands of employees, including founder and CEO David Howden, the report noted.