U.K. car insurance is going through a purple patch and Goldman Sachs is looking to cash in.
The U.S. investment bank owns about half of Hastings Group, a small but fast-growing insurer aiming to list in London next month.
Hastings, likely to be worth more than £1 billion ($1.54 billion), wants to raise £180 million from new shares and allow current owners to sell some stock.
It is a good time to sell. U.K. motor insurers made underwriting profits in 2014 for only the second year since 1994, according to consultants EY. Companies make their money through releases of reserves and fees for extra services.