Apollo and CVC in talks to sell London insurer Brit: FT

(Reuters) – Private equity funds Apollo and CVC are in a plan to sell insurer Brit Plc (BRIT.L: Quote,Profile, Research, Stock Buzz), the Financial Times reported, citing people familiar with the matter.

Netherlands-based Brit, whose largest shareholders include Apollo and CVC, attracted several parties, including one from North America, the newspaper said.

Apollo and CVC, which acquired Brit in 2010, sold about 25 percent of Brit, launching it on the London stock exchange last year and valuing it up to 960 million stg.

An announcement about the future of Brit, could be made as early as Monday, the newspaper said, citing sources.
Apollo, CVC and Brit could not be reached immediately for comments outside regular business hours.