Brit Drops After Apollo, CVC Raise $399 Million From IPO

Brit Plc, a Lloyd’s of London insurer, fell more than 4 percent in its first day of trading after its private-equity owners raised 240 million pounds ($399 million) in an initial public offering.

Apollo Global Management LLC and CVC Capital Partners Ltd. and Brit’s managers sold 100 million shares for 240 pence apiece, valuing the insurer at about 960 million pounds, the company said in a statement today. The shares fell 10 pence to 230 pence in London today.