Acorn Owners Said to Weigh Options for £1 Billion UK Cab Insurer

The owners of British specialist motor and home insurer Acorn Group are exploring strategic options including selling a controlling stake in the company, according to people familiar with the matter.

The London black cab insurer’s shareholders, which include Inflexion Private Equity, are working with advisers at Continuum Partners to gauge interest from potential buyers in preparation for a potential sale process, said the people, who asked not to be identified to discuss private information. They could seek a valuation of £1 billion ($1.4 billion) or more for Acorn, the people said.

An initial public offering could also be an option if a sale doesn’t materialize, some of the people said. Deliberations are ongoing and Acorn’s shareholders could decide against a deal, they added. Representatives for Acorn and Inflexion declined to comment. A representative for Continuum did not immediately respond to a request for comment.

Known for insuring UK taxi drivers including many of London’s black cabs, Acorn also offers coverage for vans and young drivers, as well as home insurance for unusual situations like buildings at risk of flooding.

The sale efforts come at a time of heightened M&A activity involving UK insurers. Zurich Insurance Group AG agreed an £8 billion takeover of UK cyber insurer Beazley Plc this month. Last year, Belgium’s Ageas SA acquired UK personal lines insurer Esure for £1.3 billion from Bain Capital.

Inflexion bought a minority stake in Acorn in 2019, according to a statement at the time.

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