The group, which currently operates in the Lloyd’s market and specialises in casualty, property and energy insurance, will be selling shares held by existing shareholders – including Apollo and CVC – valued at £1.1bn.
Chief executive Mark Cloutier said the group’s strong underwriting performance and expansion in markets in the US, Bermuda and China have put it in a strong position to pursue an initial public offering (IPO).
“We have built a stronger investment management capability, and transformed the quality and efficiency of our operating infrastructure. The results of this hard work can be seen in our financial performance. Our simpler, more focused business is now able to take maximum advantage of the global distribution and capital efficiency provided by Lloyd’s to generate further profitable growth,” he said.
Brit’s 2013 results saw profits after tax of £101.7m, a 20 per cent increase on the £84.7m it made in 2012. The insurer has been expanding in recent months, adding new UK teams in property, political and credit risk, fine art and other sectors. The IPO is sponsored by JP Morgan, with Greg Chamberlain watching over the deal. Chamberlain is also working on another deal announced yesterday, helping sell TA Associates’ remaining stake in fund manager Jupiter.