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Brit Group valued at $1.6 billion in IPO - source

LONDON, March 27 (Reuters) - Netherlands-based insurer Brit Group is to price its London IPO at 240 pence per share, a source said on Thursday, valuing the company at 960 million pounds ($1.6 billion).

The Lloyd's of London underwriter is selling a 25 percent stake of 100 million shares. The price is at the top of its narrowed range of 235-240 pence a share.

Brit Group was not immediately available to comment. ($1 = 0.6019 British Pounds) (Reporting By Freya Berry)