Global Markets is headed by Matthew Wilson, supported by Kevin Huttly. Global Markets has historically been the Group’s largest Strategic Business Unit (SBU) and this is likely to be so for the foreseeable future. We aim to grow and continue to diversify its portfolio with a target to underwrite £1bn of gross premiums per annum by 2010, subject to satisfactory pricing and market conditions.

Strategy

Global Markets' strategy is aligned to our Group goals and strategy in terms of profitability, growth, market position and control of risks. It focuses on:

• Key underwriting classes where Brit Insurance has clear lead capabilities and can sustain its market position and competitive advantage: Aerospace, Casualty (including US Professional Indemnity, Directors & Officers and Financial Institutions), hull, Personal accident, Medical Expenses and US property & Financial Property;
• Improving relationship management with our brokers;
• Expanding underwriting teams by attracting talented individuals with market following.

2006 achievements

• Premium growth of 26.6% and profit before tax of £127.5m (2005: £44.2m);
• Catastrophe aggregate reduced by over 30.0% for US Property and almost 100.0% for Gulf of Mexico Energy.

2007 priorities

• Deliver the 2007 business plans which show, by class of business, continued double digit growth in premiums and an increase in underwriting personnel of 17.5%;
• Recruit suitably qualified and experienced staff whilst maintaining acceptable expense ratios.