UK home insurer Policy Expert’s parent company, QMetric Group, is considering a sale that could raise £1 billion, according to people with knowledge of the matter, as reported by Bloomberg.

Founded in 2010, QMetric Group brings together software design, insurance broking, and underwriting to provide customers with more flexibility when taking out insurance. It recorded around £177 million of gross written premiums (GWP) in the year through March 2021, according to a corporate filing.

In the Bloomberg report, the sources – who asked to remain anonymous because the information is private – claimed that investment firm Primary Group Ltd. (Primary Group) is working with advisory firm Perella Weinberg Partners to gauge interest in QMetric Group, with some private equity firms having already shown interest in the business. They also claimed that Primary Group might formally invite bids in the second half of 2022.

A spokesperson for QMetric declined to provide a statement to Bloomberg, while representatives for Primary Group and Perella Weinberg did not immediately respond to emailed queries.