Brit Insurance Structure We have two underwriting platforms, Brit Insurance Limited (BIL) and Brit Syndicates Limited (BSL), which work together seamlessly. BIL, our general insurance company carried 49.5% of our business in the 6 months to 30th June 2007 while BSL, our syndicate at Lloyd's underwrites the balance. Brit operates through its three distinct customer facing strategic business units:
Each centre has access to both of our regulatory underwriting platforms. Brit Insurance Holdings PLC is a leading UK-domiciled international general insurance and reinsurance Group and is listed in the FTSE 250 with a market capitalisation of some £1bn as at 1st March 2006. Our principal subsidiary, Brit Insurance Limited (BIL), is rated A+ (strong) by Fitch Ratings and A (excellent) by AM Best. Our balance sheet management philosophy is to maintain a high "A" credit rating to attract good quality business. Through Brit Syndicates Limited, we manage the 9th largest Syndicate at Lloyd's with £525m of capacity for 2007, 100% provided by the Group. Global Markets is headed by Matthew Wilson, supported by Kevin Huttly. Brit Insurance owns and manages the ninth largest Lloyd's syndicate, with a Lloyd's market share of approximately 3.4%. Brit Insurance is targeting growth in the non-aggregating areas within the London market. Brit UK is headed by Peter Burrows. Brit Insurance's share of this market is approximately 2%, already a top 10 market participant. We have an established network of 10 regional offices. Brit Reinsurance is one of the three strategic business units at Brit Insurance. It has been headed by Jonathan Turner since 2005 and boasts one of the most experienced teams in the London market. |