Brit IPO to value company at £960m
Specialty insurer and reinsurer Brit Insurance will be valued at a market capitalisation of £960 million when it completes its anticipated initial public offering (IPO) set for the first week in April.
The company announced its intention to float on March 4, 2014.
Its two biggest shareholders, private equity firms Apollo Global Management and CVC Capital, have priced the sale of stock in Brit at 240 pence a share.
The offer comprises 100 million shares with total gross proceeds received by the selling shareholders expected to be £240 million.
Mark Cloutier, chief executive officer of Brit, said: "I am pleased that our offering has been well received by investors. Having transformed Brit into a successful global specialty insurer operating solely through Lloyd's of London, we have built a strong foundation for future profitable growth and continued success."
Apollo and CVC took the company private in 2010 for £888m. They have since sold or closed parts of it including its UK general insurance arm for about $300 million. The business now focuses exclusively on specialist corporate insurance and reinsurance at the Lloyd’s market.
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