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UPDATE 1-Brit Group to raise up to 275 mln pounds in London share sale
March 17, 2014 / 12:30 PM / 4 years ago

UPDATE 1-Brit Group to raise up to 275 mln pounds in London share sale

LONDON, March 17 (Reuters) - 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.

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