England cricket team sponsor Brit Insurance is to make a return to the stock market next month just a little more than three years after it was taken private by Apollo and CVC.
The company — whose chairman is the former Lloyd’s of London boss Richard Ward — said it plans to list at least 25% of its equity in London in a move which is likely to value it at between £900 million and £1 billion.
The flotation is likely to result in big payouts for its directors, who control about 10% of the business.
Mark Cloutier, chief executive, said: “We are very pleased to be bringing Brit to the market after a period of successful change for the business.
“We see a number of opportunities ahead and believe we have laid strong foundations for continued outperformance.” Since the business was sold to the private equity giants for £888 million in October 2010, the Netherlands-domiciled insurer has sold of parts of its business to QBE and improved its presence in markets such as the US, Bermuda and China.
The group saw its profits rise 20.1% to £101.7 million last year and its combined ratio improve from 93.2% to 85.2%, meaning it is earning more in premiums than it pays out in claims.
It will be replaced as England’s sponsor by Waitrose at the T20 World Cup later this month.
Ward, who left his role at Lloyd’s in December, added: “Through its expanded international reach, the business has further opportunities to grow profitably. I am confident that Brit is well positioned for the next phase of its development as a publicly listed company.”
