Qatar Re and US-based investment firm Centerbridge have joined forces to lodge a £500mn bid for UK motor insurer Sabre, Sky News reported earlier this week.

According to Sky News, the Centerbridge/Qatar Re consortium is competing with buyout firm Warburg Pincus to acquire Sabre from its current private equity owners BC Partners.

It was also reported that BC Partners is also pursuing parallel plans for an IPO of the business, which the private equity firm believes could value Sabre at as much as £600mn, with investment banks expected to be appointed this month.

The motor insurer was first reported to have been put up for sale last month by the Evening Standard, which said that Evercore was advising on the sale.

BC Partners owns 72 percent of Sabre, while founder and CEO Angus Ball retains a 19 percent stake in the business.

BC Partners acquired the motor insurer in 2013 for £240mn from Binomial Group.

Sabre sells insurance through retail brokers and directly to consumers through its Insure 2 Drive, Go Girl and Drive Smart brands.