Qatar Reinsurance Co. Ltd. and U.S.-based Centerbridge Partners LP have put forward a £500 million-plus offer to acquire U.K.-based Sabre Insurance from BC Partners, Sky News reported June 12.
The consortium is vying with Warburg Pincus LLC to acquire the car insurer, which BC Partners is also preparing for an IPO that could value it at up to £600 million, according to the report. Investment banks are expected to be brought on in June to work on the listing.
Sabre offers nonstandard insurance policies such as those for newly qualified drivers, the report noted. It is 72%-owned by BC Partners, with a further 19% controlled by founder and CEO Angus Ball, London's Evening Standard reported in May.
Qatar Reinsurance is based in Bermuda and is a unit of Qatar Insurance Co. SAQ.