Jamieson, the independent corporate finance boutique, is pleased to announce its role in advising the executive management team, led by Dane Douetil, CEO of Brit, in conjunction with the recommended offer to be made by a consortium comprising of funds managed by Apollo Management VII and funds advised by CVC Capital Partners.
Under the terms of the offer, all accepting Brit shareholders will be entitled to receive £10.45 in cash plus a Contingent Value Payment of up to £0.25 in cash per Brit Share. In addition, entitled Brit shareholders, being Brit shareholders who were on the register of Brit Insurance on 22 October 2010 will remain eligible to receive the £0.30 Capital Distribution payable in cash on 7 December 2010.
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Brit Group underwrites through three strategic business units – Global Markets, Reinsurance and UK – using three principal underwriting platforms: Lloyd’s Syndicate 2987, Brit Insurance Limited, which is regulated by the FSA and Brit Insurance (Gibraltar) PCC Limited, which is regulated by the Gibraltar Financial Services Commission.