Insurer Brit Group plans London share sale
LONDON, March 4
LONDON, March 4 (Reuters) - Netherlands-based insurer Brit Group is planning to sell shares on the London Stock Exchange in April, the company said on Tuesday, as majority stakeholders Apollo and CVC seek to cash in on their investment.
Brit Group, which underwrites policies for Lloyd's of London insurers, said in a statement that private equity funds Apollo and CVC would remain the firm's largest shareholders following the initial public offering (IPO).
Apollo and CVC are subject to a 180-day lock-up following the offer, while management and employees are subject to a 365-day sale restriction.
The flotation is being run by JP Morgan and UBS.
The group said that it expected to pay a 75 million pound ($125.38 million) annual dividend following the flotation, with an interim dividend of at least 25 million pounds in the third quarter of 2014.
Brit Group is targeting a minimum free float of 25 percent. The firm saw returns of 24.5 percent on net tangible assets last year, and is looking to expand in the United States, Asia and Bermuda.
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