Lloyd’s insurer flotation could pave the way for AA sale
Brit Group is to price its London listing at 235-240 pence a share, valuing the company at £960m, according to Reuters.
The Lloyd’s of London insurer is planning a 25% sale of 100m shares. The final price is to be announced today after markets close.
The price range has been narrowed from the original range of 230-275 pence a share. Brit is owned by private equity funds Apollo and CVC.
The flotation, if it goes well, could set the lead for broking group Acromas to float over-50s insurance broker Saga and then sell the AA, which contains its insurance broking arm.
The Saga/AA broking arm pulls in £548m brokerage, according to Insurance Times Top 50 Brokers, partnered with acquisitions advisory firm IMAS.