CFC, the private equity-backed cyber insurance group, is exploring strategic options including a London IPO that could value the business at more than £5bn, according to the Financial Times citing sources familiar with the matter.

Owned by EQT and Vitruvian Partners since 2021, when the firm was valued at just over £2.5bn, CFC is in early-stage discussions with advisers about its next phase of growth. A listing is not expected before the second half of 2026, and the company is also considering other listing venues, including the US.

Based in London, CFC operates as a managing general agent (MGA), a capital-light insurance model that underwrites risk on behalf of traditional insurers. The structure has become increasingly attractive to private equity firms due to its scalability and lighter regulatory burden. Other private equity firms, including Warburg Pincus and Carlyle, have also backed MGA platforms in recent years.

Founded as ClickForCover.com, CFC now employs more than 950 people and serves 150,000 clients globally. The company has broadened its product offering from cyber insurance to include medical malpractice, product recall, and insurance for small businesses involved in M&A transactions.

The company recently completed a $1.7bn debt refinancing to bolster its capital base ahead of future strategic moves. The IPO discussions come at a time when the London Stock Exchange is facing its weakest fundraising period in 30 years, with only £160m raised in the first half of 2025. A successful flotation by CFC would mark a rare win for the market.

The group is led by CEO Louise O’Shea, who succeeded the previous chief executive following a Lloyd’s of London review into allegations of non-financial misconduct. CFC has publicly committed to strengthening its internal policies and workplace culture.

EQT and CFC declined to comment. Vitruvian did not respond to a request for comment.

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