Brit Insurance has appointed UBS and JPMorgan to advise on a possible initial public offering (IPO), according to UK media reports.

A spokesman for Brit owner CVC told insuranceNEWS.com.au today the company will not comment on the matter.

Brit – which sponsors England’s cricket team – earned gross written premium of £671 million  ($1.2 billion) in the first half of last year, with a combined ratio of 86%.

Private equity funds CVC and Apollo took over the global specialty insurer and reinsurer in November 2010.

An IPO could happen in the next few months but the owners are also sounding out prospective trade buyers, according to the Financial Times.