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Member, Beacon International Group, Ltd.
AMSTERDAM—Achilles Netherlands Holdings B.V. said Tuesday that it intends to nominate Nick Prettejohn to be chairman of Brit Insurance Holdings B.V., which Achilles has offered to buy.
Mr. Prettejohn previously was CEO of Lloyd’s of London, a post he held for six years. He then served as CEO of Prudential P.L.C. in the United Kingdom and Europe, and most recently has been a nonexecutive director at Legal & General Group P.L.C.
Mr. Prettejohn would succeed John Barton, whose term as Brit’s chairman will end when the deal has been completed.
Mr. Prettejohn’s appointment as chairman of Brit is subject to Achilles’ offer for Brit becoming unconditional and to confirmation by the U.K. Financial Services Authority.
Achilles, a holding company formed on behalf of funds managed by Apollo Management VII L.L.P. and CVC Capital Partners Ltd., is bidding to acquire Amsterdam-based Brit for about £888 million ($1.38 billion).
Brit’s board has recommended that shareholders accept Achilles’ offer, which has been extended until Saturday. So far, Achilles said it had received acceptances representing about 72% of Brit’s total share capita—short of the 95% needed to proceed.
Brit underwrites multiline insurance and reinsurance through a U.K.-based insurance company and a syndicate at Lloyd’s of London.
AMSTERDAMBrit Insurance Holdings N.V. and Achilles Netherlands Holdings B.V. have agreed to terms for Achilles to buy Brit for about £888 million ($1.39 billion).