Catlin Group founder Stephen Catlin is expected to make approximately £20m from the company’s flotation on the London Stock Exchange, claimed a report.
It said the flotation would value Catlin’s stake in the company at £20m. Catlin founded the insurance company 20 years ago with £25,000.
He said there was investment demand for strong insurance companies and that the business had grown to such a size that it needed more funds to continue its growth, said the report.
The company, which raised £264m of private equity in 2002 and plans to raise up to £191m from the IPO, claimed the report.
It is expected to be worth between £700m and £800m once the flotation is completed.
