Brit Insurance has appointed bankers to advise on a sale of its UK commercial business, which is worth more than £150m.

The Lloyd’s of London insurer, which sponsors the England Cricket Team, is expected to close the first round of bidding for the division on 25 November.

The sale will be carried out by Evercore following the completion of the £888m takeover of Brit by a private equity consortium, Achilles Netherlands Holdings.

According to insurance trade magazine Post, Acquisitive insurance groups such as Ageas UK and MMA have been named as potential buyers for the unit.

The sale will focus on the UK unit, which sells commercial insurance policies through insurance brokers and does not include Brit’s global markets or reinsurance divisions.