BRIT SEEKS LONDON LISTING AS WARD JOINS AS CHAIRMAN

Lloyd’s insurer Brit Insurance is considering a stock market floatation in 2014 under the stewardship of Richard Ward, the former Chairman of Lloyd’s who starts his new role as Chairman at Brit today. According to reports in the Sunday Times and City AM, BRIT Insurance is understood to be lining up advisers ahead of a potential stock market return this year. The insurer could be valued at over £900m in an initial public offering of shares, according to estimates, City AM said. Brit was listed on the London Stock Exchange up until 2011 when it was acquired by a consortium of private equity investors led by CVC Capital Partners in 2011 for £890m. The insurer’s regional UK insurance business was closed and renewal rights were sold to QBE in 2012. Brit and CVC Capital Partners declined to comment.