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Apollo, CVC-backed Brit Insurance eyes £960m market cap in imminent IPO

31 Mar 2014

Private equity-backed insurance company Brit is eyeing a market capitalisation of almost £1bn after its private equity backers priced the sale of stock at 240 pence per share.

Brit is scheduled to return to the London Stock Exchange on April 2, having been taken private by the buyout houses in 2010 in an £888m deal.

The pair delisted Brit in March 2011, and are currently looking to sell down their stakes, although they will remain majority shareholders in the business.

Brit focuses on commercial insurance and reinsurance products including energy and property.

JP Morgan and UBS are acting as lead underwriters for the IPO.

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