Brit gearing up for £900m float – report

Lloyd’s insurer Brit is gearing up for a £900m stock exchange flotation, The Sunday Times reports.

A float would mark a return to the stock market for Brit, which was taken private in 2011 following its acquisition by private equity consortium Achilles.

The consortium included private equity forms Apollo and CVC.

The news closely follows the appointment of former Lloyd’s chief executive Richard Ward as Brit’s chairman.

Since its acquisition by Achilles, Brit has restructured. It now focuses solely on specialty insurance and reinsurance, having sold the renewal rights for its domestic UK retail business to QBE in April 2012.