When Blue KC pulled out there were few options for the 67,000 people affected by the move. But it’s a different scene today. The Kansas City market has become increasingly competitive with several insurers, including Ambetter and Cigna serving local ACA customers, said Abraham, “a fairly decent number of insurers competing.”
By David French and Greg Roumeliotis
NEW YORK, Oct 2 (Reuters) – The private equity owners of Ascensus have hired investment banks for an initial public offering (IPO) of the savings services provider that could value it at around $3 billion including debt, three people familiar with the matter said on Friday.
Majority-owned by Genstar Capital and Aquiline Capital Partners, the buyout firms selected Barclays Plc BARC.L and Goldman Sachs Group Inc GS.N to prepare Ascensus for the stock market listing that will take place in mid-2021, subject to market conditions, the sources said.
Genstar, Aquiline and the banks declined to comment. Ascensus did not respond to a request for comment. The sources spoke on condition of anonymity as the information is private.
Based in Dresher, Pennsylvania, Ascensus partners with financial institutions, governments and companies to service a raft of savings plans, including for retirement, 529 college funds and health savings accounts (HSAs).
It has more than $327 billion of assets under administration and over 12 million Americans with savings accounts through its business, according to its website.
Ascensus has also been investing in its technology offerings, and is planning to roll out a new digital sales platform before the end of the year.
Genstar and Aquiline acquired Ascensus in 2015, but then sold just under 25% of the company in 2019 to an investment group led by Atlas Merchant Capital and including Singaporean sovereign wealth fund GIC GIC.UL.
(Reporting by David French and Greg Roumeliotis in New York Editing by Matthew Lewis)
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