Brit Drops After Apollo, CVC Raise $399 Million From IPOSarah Jones
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.
The Lloyd’s insurer was bought by Apollo and CVC for about 888 million pounds in 2011. The company sold some regional U.K. units and appointed ex-Lloyd’s Chief Executive Officer Richard Ward non-executive chairman, a month before announcing its plans to go public.
Brit, which specializes in property, casualty and energy business, joins insurers Partnership Assurance Group Plc and Just Retirement Plc to have sold shares in London in the past 12 months. Partnership and Just Retirement, which both write annuities, have lost more than 30 percent since their IPOs.
JPMorgan Cazenove and UBS AG managed the offering, along with Canaccord Genuity Ltd. and Numis Securities Ltd.
About $7.6 billion has been raised in London IPOs this year, more than twice the amount sold in the same period in 2013, according to data compiled by Bloomberg.