Brit opts for UK return after its four-year exile

 
David Hellier
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BRIT, the Lloyd’s of London insurer that has just listed on the stock market, has moved its headquarters back to London from the Netherlands in a boost to the Treasury’s plans to attract more companies to the UK.

“The group’s focus on the Lloyd’s market, together with the UK’s positive approach to the insurance sector, in part articulated in the Treasury’s UK Insurance Growth Plan, have been key factors in the decision to move the group’s headquarters to London,” a spokesman said yesterday.

The government’s Growth Plan comprised of a series of measures designed to strengthen the UK’s position as a global leader in insurance. It was published last December.

Brit moved its headquarters to Amsterdam in 2009 under previous management and under the Labour administration of Gordon Brown.

The Lloyd’s insurer was bought by the private equity groups Apollo and CVC for about £888m in 2011.

The company sold some regional UK units and appointed ex-Lloyd’s chief executive officer Richard Ward as non-executive chairman, a month before announcing its plans to go public.

The group suffered a lacklustre debut on the market last Friday with its shares closing at 230p, compared with a 240p offer price.