Compare this: Meerkats owner expected to be worth £2bn

The company that owns, insurer BGL Group, is planning an initial public offering next year that could see it valued at as much as £2bn.

Compare this: Meerkats owner expected to be worth £2bn

A source with knowledge of the company told the FT that the figure was based on a comparison with the valuation of’s rival,, which explained why it was almost twice as high as the £1.2bn figure suggested earlier this year.

BGL Group hired Rothschild earlier this year to advise it on a listing on the London Stock Exchange, and will be seeking an investment bank in the coming months to lead the process.

As well as, BGL owns consumer insurance brands including Budget and DialDirect, and produces "white-label" insurance for providers such as M&S Bank and the Post Office. It also owns life insurer Beagle Street.

BGL is owned by BHL Group, an international company with insurance businesses in Australia and South Africa, which plans to maintain a majority shareholding following the potential IPO.