Private equity-backed insurer Brit Group could be valued at £1.3bn in IPO


shares stocks IPOPrivate equity-backed Dutch insurance company Brit Group has unveiled plans to float on the London Stock Exchange.

The company, which is backed by private equity firms Apollo and CVC, could be valued at between £1.1bn and £1.3bn in the IPO, said Reuters, citing a source familiar with the matter.

JP Morgan and UBS are acting as lead underwriters for the IPO, said that company.

Brit Group expects to pay an annual dividend of £75m after the IPO and an interim dividend of at least £25m.

Earlier this year another company backed by Apollo, Prestige Cruises International, filed to raise $250m via an IPO.

The company currently operates eight cruise ships and posted profits of $47.6m in the first nine months of 2013, up from $26.3m a year earlier.

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