Brit Insurance has discarded a £10 per share occupation move from US private equity firm, Apollo. Brit said that Apollo has really low rated Brit. Brit is the sponsor of the England Cricket Team and also, the oval cricket ground in London. It is also Lloyd’s London insurer. Brit is a property and casualty insurer.

The proposal was forwarded on Monday, which has valued Brit more £570m. Leon Black is the founder of Apollo. Apollo plans to think of a better and higher proposal for the takeover.

"The Board of Brit Insurance reviewed this proposal and concluded that it significantly undervalues the group”, said the statement of Brit, to the London Stock Exchange. Brit has suggested Apollo, that the offer does not leave any scope for further discussions.

After this deal refusal, the shares for Brit insurance dipped by 1.35% at 729P. This low rated the Company at about £571m. The insurer trades at 30% discount in the asset value.

This year insurer returns are estimated to be lower, however Lloyd’s Companies are attracting more bidders to them, as they trade at low assessments. Due to the financial crisis, many equity groups have been eyeing at such financial services.