Specialty insurer Brit Group plans to list on the London Stock Exchange with an initial public offering next month.

Private equity funds CVC and Apollo took over the insurer in November 2010 and are expected to remain its largest shareholders after the offering.

Brit reported gross written premium of £1.19 billion ($2.19 billion) last year, compared with £1.15 billion ($2.12 billion) in 2012.

The combined operating ratio improved to 85.2% from 93.2%.

“In recent years we have transformed Brit into a global specialty insurer and reinsurer operating through our Lloyd’s of London platform,” CEO Mark Cloutier said.

He says the company has sold non-core businesses, focused its underwriting on profitable specialty lines with short-tail risks and expanded distribution in the US, Bermuda and China.