Market cap of £55m expected for legal expenses insurer
Abbey Protection is to list on the AIM Market of the London Stock Exchange.
Admission is expected to take place in late November 2007. It is anticipated that the market capitalisation of Abbey Protection on Admission will be approximately £55 million.
PricewaterhouseCoopers has been appointed nominated adviser and Numis Securities has been appointed as broker to Abbey Protection.
Abbey Protection is an integrated specialist insurance and consultancy group, and the UK’s leading supplier of legal expenses and tax related professional fees insurance to small and medium sized enterprises.
The group’s principal products provide protection against costs incurred as a result of legal actions and HM Revenue & Customs investigations.
Founded in 1992, the Group operates from offices in London, Rugby and Croydon and had 194 employees as at 30 June 2007. As it has expanded the Group has developed a range of complementary legal, professional and reinsurance products and services through the following trading divisions:
"Abbey Protection believes that an increasingly litigious society, a growing compliance burden faced by the SME market from higher levels of regulation and an increasing level of HMRC audit activity, will continue to drive growth in the demand for the Group’s products and services," the grouo said.
"The Group intends to take the opportunity to expand in the compliance consultancy market. Abbey Protection aims to be the partner of choice for solutions to a business’s legal and taxation needs and exposures."
Colin Davison, Chief Executive Officer of Abbey Protection, commented: “Abbey Protection has a track record of growth and underwriting profitability. Our commitment to high service levels and our integrated risk management systems have helped us become the market leader in our chosen sector. We aim to exploit opportunities presented by the increasing regulatory burden on businesses and the proposed de-regulation of legal services, and very much look forward to entering a new and exciting phase of the Group’s development.”
