Apollo and CVC seek IPO of Brit Insurance

Apollo and CVC will remain the largest shareholders, offering a minimum of 25% of the company's shares in the IPO. Management and employees will also sell some of their stakes. An overallotment option of up to 10% of the total offer size will also be made available by certain shareholders.

The IPO is expected to value the business at around £1bn.

JP Morgan Cazenove is sole sponsor of the IPO as well as joint global co-ordinator and joint bookrunner with UBS. Canaccord Genuity and Numis Securities are acting as co-lead managers.

Based in London, Brit Insurance provides insurance and reinsurance with a focus on property, casualty and energy business operating through the Lloyd's of London platform. Direct insurance accounted for 76% of the group's 2013 gross written premiums.

Apollo and CVC acquired the company through a take-private deal valued at around £888m in October 2010. Having restructured and streamlined the business in recent years by selling off non-core businesses, the group's underwriting is now focused on its dedicated Lloyd's syndicate. The group has also expanded its global distribution in the US, Bermuda and China.

The group achieved a 24.5% return on net tangible assets in 2013, and profit after tax increased by 20.1% to £101.7m (£84.7m in 2012).

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• Topics
• UK / Ireland
• Exits
• Financials
• United Kingdom
• CVC Capital Partners
• Apollo Management