Pollen Street Eyes IPO for UK Insurer Markerstudy at £3 Billion Value

Pollen Street Group Ltd. has begun preparing an initial public offering for UK insurer Markerstudy, according to people familiar with the matter.

The buyout firm has started early discussions with investment banks about the potential listing, the people said, asking not to be identified discussing private information. It’s been considering potential listing venues including London, according to the people. A deal could value the business at more than £3 billion ($3.9 billion), one person said.

Representatives for Pollen Street and Markerstudy declined to comment.

Markerstudy provides car, home and pet insurance and is also active on the Lloyd’s of London market through its Clegg Gifford unit which specializes in personal and commercial insurance. It is among a handful of British companies testing the market after a drought of offerings pushed London out of the top 20 global IPO venues this year through the third quarter.

Guernsey-based Pollen Street last month listed British specialty lender Shawbrook Group Plc, which is also backed by BC Partners. The stock has ceded some early gains, to rise about 3% since its Oct. 29 listing, giving it a market capitalization of about £2 billion.

A number of other companies are considering going public in London next year including gold miner Navoi Mining & Metallurgical Co., online travel agent Loveholidays, and software firm Visma.

Sevenoaks, England-based Markerstudy was founded in 2001 by insurance broker Kevin Spencer, who is the firm’s chief executive officer and a major shareholder, according to its website.

Photograph: Skyscrapers and commercial buildings in the skyline of the City of London, UK, on Monday, Sept. 29, 2025. Photo credit: Jason Alden/Bloomberg