Brit Insurance's £888m sale to spark deals

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The sponsor of the England cricket team and Surrey's Oval ground is being sold for £10.75 a share in cash plus a possible extra 25p a share depending on the value of the company's assets at the end of the year.

Brit also reported sales figures for the first nine months of the year which reveal why it may have been keen to do a deal. Premiums slumped 8.5% to £1.22 billion.

Shares in all Lloyd's of London insurers are down of late due to low insurance rates and poor returns from invested premiums. That leaves many vulnerable to takeover, say analysts.

Last week Beazley made a £156 million bid for smaller rival Hardy, which was initially rebuffed.

Brit's chief executive Dane Douetil said trends in the third quarter were similar to those in the first half of the year and underwriting remained competitive.