CVC is preparing to cash in part of its stake in Bamboo Insurance Services, the US homeowners insurer it took control of just last year, through an IPO that values the company at up to $3.13bn. The terms, set out in an amended filing with the US Securities and Exchange Commission on Monday, would see the business list on the New York Stock Exchange under the ticker BMB.

According to the filing, the offering of 35 million shares, priced between $18 and $20 each, is being made by selling shareholders seeking up to $700m, meaning the stock on sale comes from existing backers reducing their holdings. For CVC, and for minority holder White Mountains Insurance, the listing is a route to liquidity, not fresh capital for Bamboo.