By CHAD BRAY
The specialty insurer Brit said Friday that it had raised 240 million pounds, or about $400 million, as part of an initial public offering on the London Stock Exchange.
Brit is the latest private equity-owned company to float its shares in recent months amid buoyant stock markets eager for new listings.
The insurer, which is based in the Netherlands, priced its offering at 240 pence a share, giving it a market capitalization of £960 million. The company’s shares were trading up slightly at 240.25 pence early Friday.
Brit was taken private by Apollo Global Management and CVC Capital Partners in 2010.
"I am pleased that our offering has been well received by investors," said Mark Cloutier, the chief executive of Brit. "Having transformed Brit into a successful global specialty insurer operating solely through Lloyd’s of London, we have built a strong foundation for future profitable growth and continued success."
Since going private, the company has sold several business lines, including its general insurance business in Britain in 2012.
It now focuses on specialty insurance and reinsurance for businesses, and it has a large presence in the Lloyd’s of London underwriting marketplace.
In 2013, Brit posted a 20.1 percent increase in profit, to about £102 million.
Private equity firms have engaged in a series of sales and initial public offerings of their portfolio companies in the past year as stock markets have recovered.
Earlier this month, Poundland, a British discount retailer that sells everything for £1 or less; ISS, a Danish outsourcing company; and Pets at Home, a British pet supply retailer, all went public.
Apollo and CVC will remain Brit’s largest shareholders after the offering.
JPMorgan Chase was the sole sponsor and also served with UBS as the global co-coordinator and bookrunner on the offering.
Source The New York Times
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