The first sale of shares is expected in late 2013 or early 2014.
However, change in control restrictions may also apply on a share sale.
The same policy was extended for sale of shares in a company.
A sale of shares in the venture could take place next year, the companies said.
There would be no public sale of shares on the London stock market.
The company is now expected to begin marketing a scaled back share sale next week.
The full prospectus for the share sale will be out next Thursday.
Punch called off its $365 million share sale late Wednesday for want of investor interest.
Following the share sale, it will be in an extremely strong financial position, with no borrowings.
The sale of 210 million shares was the largest initial offering by an insurance company.
