The source, who asked not to be named due to the sensitivity of the issue, said Renaissance Insurance "could seek a valuation of around $1 billion" in the Moscow IPO.
Renaissance Insurance could announce its intention to hold the IPO before the end of September, Interfax news agency reported, citing unnamed sources.
Renaissance Insurance, which was founded in 1997, declined to comment on Friday. Boris Jordan is the company's president and board chairman.
In June, the company said it was "evaluating various strategic options which may include an initial public offering of Renaissance Insurance Group JSC on the Moscow Exchange."
(Reporting by Andrey Ostroukh, editing by Louise Heavens)