CFC Owners Reportedly Approach Banks for £5 Billion Insurer Sale or IPO

Private equity firms EQT AB and Vitruvian Partners are currently collaborating with advisers to explore strategic options for their investment in cyber insurer CFC, according to sources familiar with the matter.

The buyout group has engaged Evercore Inc. and Goldman Sachs Group Inc. to prepare the London-based CFC for a potential sale or initial public offering (IPO). Reports suggest that a deal could value the company at approximately £5 billion ($6.8 billion).

As part of their strategic planning, the company and its owners are considering London and New York as potential venues for a listing. However, sources indicate that no final decisions have been made, and there is no certainty that a transaction will occur.

Representatives for EQT and Evercore have declined to comment on the matter, while CFC, Vitruvian, and Goldman Sachs did not immediately respond to requests for comment.

This initiative comes at a time of increased deal activity within the UK insurance sector. For instance, fellow cyber insurer Beazley Plc has agreed to be taken private by Zurich Insurance Group AG for £8 billion. Additionally, Radian Group Inc. recently completed a $1.7 billion acquisition of specialty insurer Inigo Ltd.

Founded in 1999, CFC provides coverage for businesses against specialty risks, including transaction liability and product recalls. The company has carved a niche in cybersecurity risks, addressing issues such as cybercrime and data breaches. Active in several markets, including Lloyd’s of London, CFC reported an adjusted EBITDA of £153.2 million in 2024, according to its latest financial accounts.

EQT made a “significant investment” in CFC in 2022, alongside Vitruvian and the company’s management, as noted in a statement at that time.

Photograph: Skyscrapers and commercial buildings on the skyline of the City of London, UK, on Monday, March 6, 2023. Photo credit: Jason Alden/Bloomberg

Copyright 2026 Bloomberg.

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Private equity firms EQT AB and Vitruvian Partners are currently collaborating with advisers to explore strategic options for their investment in cyber insurer CFC, according to sources familiar with the matter.

The buyout group has engaged Evercore Inc. and Goldman Sachs Group Inc. to prepare the London-based CFC for a potential sale or initial public offering (IPO). Reports suggest that a deal could value the company at approximately £5 billion ($6.8 billion).

As part of their strategic planning, the company and its owners are considering London and New York as potential venues for a listing. However, sources indicate that no final decisions have been made, and there is no certainty that a transaction will occur.

Representatives for EQT and Evercore have declined to comment on the matter, while CFC, Vitruvian, and Goldman Sachs did not immediately respond to requests for comment.

This initiative comes at a time of increased deal activity within the UK insurance sector. For instance, fellow cyber insurer Beazley Plc has agreed to be taken private by Zurich Insurance Group AG for £8 billion. Additionally, Radian Group Inc. recently completed a $1.7 billion acquisition of specialty insurer Inigo Ltd.

Founded in 1999, CFC provides coverage for businesses against specialty risks, including transaction liability and product recalls. The company has carved a niche in cybersecurity risks, addressing issues such as cybercrime and data breaches. Active in several markets, including Lloyd’s of London, CFC reported an adjusted EBITDA of £153.2 million in 2024, according to its latest financial accounts.

EQT made a “significant investment” in CFC in 2022, alongside Vitruvian and the company’s management, as noted in a statement at that time.

Photograph: Skyscrapers and commercial buildings on the skyline of the City of London, UK, on Monday, March 6, 2023. Photo credit: Jason Alden/Bloomberg

Copyright 2026 Bloomberg.

Topics
Carriers