LONDON, March 17 Netherlands-based insurer Brit
Group is to raise up to 275 million pounds ($457.3 million) in a
share sale on the London Stock Exchange, sources said, estimated
to value the group at up to 1.1 billion.
Two sources said on Monday Brit Group is to sell 100 million
shares at between 230 and 275 pence a share. One of the sources
said that the company would list a stake of around 25 percent. A
stake sale of that size would give Brit Group a valuation of
between 920 million and 1.1 billion pounds.
A sale of a 25 percent stake is the minimum required by
London Stock Exchange listing regulations.
Private equity funds Apollo and CVC, which
acquired Brit Group in 2010, are selling down their stakes but
will remain majority shareholders in the company.
The reinsurance company said on March 4 that it was
intending to float as part of plans to expand in the United
States, Asia and Bermuda.
JP Morgan and UBS are joint global
co-ordinators on the flotation.