Tough innings: Brit drops on debut

Shares in Lloyd’s of London insurer Brit fell 4 per cent on their market debut today, despite being priced towards the lower end of the price range.

England cricket captain Alastair Cook. Picture: Getty

The float of the outgoing England cricket team sponsor, which last month reported a 20 per cent jump in profits to £101.7 million for 2013, raised about £240m for its selling shareholders.

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Conditional trading kicked off at 240p, valuing the firm at £960m, but the shares ended the day’s session at 230p.