Insurance broker Acrisure has begun interviewing banks for an initial public offering next year which could fetch it a valuation of over $20 billion.

The Michigan-based company was valued at $23 billion after a private funding round last year.

Public markets are seeing a resumption in IPOs in the United States after a year-long standstill, as worries of a recession wane and investors warm up to riskier bets.

Adding to the thaw in IPO markets, Mediterranean restaurant chain Cava Group surged 89% when it debuted on Thursday and grabbed a valuation of $4.7 billion.

Last month, Johnson & Johnson’s consumer health business, Kenvue, completed the largest IPO since Rivian Automotive’s listing in 2021.

Acrisure did not respond to a request for comment. The source requested anonymity because discussions are private.

No final decisions on the timeline or size of the offering have been taken and the company could also choose to stay private, the source added.

Acrisure offers financial, cyber as well as asset and wealth management services.