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Report: UK car insurer Sabre picks banks for potential IPO

U.K.-based specialist motor insurer Sabre has mandated Barclays and Numis Securities to manage a listing that could value it at more than £500 million, Sky News reported Aug. 10.

Private equity firm BC Partners, which owns Sabre, may still decide to sell the company rather than list it, the report added.

Qatar Reinsurance Co. Ltd. and U.S.-based Centerbridge Partners LP were reported in June to have tabled a joint £500 million-plus offer to acquire the car insurer from BC Partners. Negotiations are believed to be ongoing. Rival bidder Warburg Pincus LLC has dropped out of talks, however, the report noted.