EQT and Vitruvian Partners are weighing strategic options for cyber insurance specialist CFC in a potential transaction that could value the business at around £5bn, according to sources cited by Bloomberg.

The private equity owners have appointed Evercore and Goldman Sachs to prepare London-based CFC for either a sale or an initial public offering. London and New York are being considered as potential listing venues, though no final decisions have been taken.

Founded in 1999, CFC focuses on specialty insurance lines including cybercrime, data breaches, transaction liability, and product recall risks. The group reported adjusted EBITDA of £153.2m in 2024, according to its latest accounts.

EQT made what it described as a “significant investment” in CFC in 2022 alongside Vitruvian and the company’s management.

The exploration comes during heightened activity in the UK insurance sector. Recent transactions include Zurich Insurance’s £8bn agreement to take Beazley private and Radian’s $1.7bn acquisition of Inigo Ltd.

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