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Brit Management Update: Appointment of Chief Investment Officer

Tue, 31 Jan 2012 08:00:00 Z

John Stratton joins Brit from Insurance Australia Group (IAG) where he has been since 2003, latterly as CIO and Head of Asset Management. Prior to joining IAG John held positions in asset management at AXA Australia and Merrill Lynch Mercury Asset Management. He began his career at National Australia Bank working in both Melbourne and London. John is a graduate of the University of Western Australia.

Commenting on the appointment Mark Cloutier, Group CEO, said: “I very much look forward to welcoming John to the team. He brings with him an enormous amount of experience and expertise and will be a great addition to Brit as we build this business for the future.”

Brit Organisational Update: Positioning Brit for the Future

Wed, 25 Jan 2012 00:00:00 Z

It is proposed that the combined unit will operate from a single platform and will generate and manage a single P&L. This will simplify the existing structure and enable more effective management of risk appetite.

Matthew Wilson, currently Chief Executive of Global Markets and a member of the Executive Management Committee, would lead Brit Global Specialty and will report directly to the Group Chief Executive, Mark Cloutier.

Within Brit Global Specialty, it is proposed that the core underwriting activities will be organised in four divisions: Long Tail Insurance, led by Stephen Moss, Long Tail Reinsurance led by Simon Bird, Short Tail Insurance led by John King and Short Tail Reinsurance led by Jon Sullivan.

Jonathan Turner, currently Chief Executive of Reinsurance, had previously indicated to the Board his desire to seek fresh challenges and has taken this opportunity to leave the business. Under his tenure our relationship with Lloyds has improved significantly and the SBU under his direction has made excellent returns. The Company wishes him well for the future and is extremely grateful to him for his service and dedication to Brit.

‘Dynamic Duo’ makes waves in £100m yacht insurance market

Thu, 08 Dec 2011 00:00:00 Z

The value of 300 ft-plus yachts and ancillary assets can be worth in excess of US$500m and these vessels are often the pride and joy of their wealthy owners – a factor that distinguishes these vessels from those used in commercial shipping.

The underwriting team is led by industry veterans John Higham –who recently joined Brit Insurance - and Mike Wimbridge. The pair has more than 50 years yacht underwriting and broking experience gained with Travellers, Chartis, Marsh and others.

The new service will cater for clients from emerging economic powerhouses such as Brazil, India and Russia as well as more established markets in Europe, US and the Middle East.

The team includes support from senior claims adjuster Kevin Allmond who has over 30 years’ experience in the yacht sector.

Commenting on this market development, Keith Tait, producer/broker of Miller Insurance Services says: “A key differentiator is the team’s strength of broker relationships coupled with its unrivalled access to local knowledge in each of these important mega yacht markets. Both John and Mike are well-known and respected underwriters and this will undoubtedly add confidence in their dealings with brokers.”

John Higham, senior yacht underwriter, Brit Insurance, adds: “Our ability to underwrite risks valued in excess of US$100m with the minimum of fuss and delay will become the hallmark of our service to brokers. Working with Mike, I’m extremely confident we are well placed and have the appetite to become a major yacht underwriter within the next 12 months; providing all-risk coverage for mega yachts and their crews.”

Media Enquiries: Ardi Kolah, Head of Public Relations
Tel: 0207 098 6569/07909 934 228
ardi.kolah@britinsurance.com

British haulage industry asleep at the wheel

Thu, 10 Nov 2011 09:00:00 Z

Are the wheels about to come off the UK haulage industry? A new survey shows that truck drivers and their bosses appear to have fallen asleep at the wheel when it comes to making contingency plans for complying with new driver training regulations in the UK. Experts say non-compliance will have devastating consequences not just for the haulage industry but for the wider UK economy.

New figures by the Freight Transport Association - that represents over 50 percent of the UK haulage industry - shows there’s a 46 percent shortfall in complying with these regulations - known as Driver Certification of Professional Competence or Driver CPC.

This is based on the assumption that drivers should undertake seven hours training a year over five years. This shortfall’s in line with Government data to be published at the same time by the Driver Standards Agency.

Nearly 50 percent of FTA members considered compliance of these regulations as being the second biggest threat to their business after rising fuel costs. Non compliance will automatically mean that these businesses will not be capable of being insured and will cease to trade.

“These new regulations affect hundreds of thousands of employed and self-employed truck drivers with implications for companies that use road haulage and operate here and across Europe,” says Isobel Harding of the Freight Transport Association.

The deadline for completing the required 35 hours of training is 2014 which may seem like a long way off but the reality is many haulage companies and drivers are simply leaving it too late.

According to the FTA:

1. Many UK hauliers are still unaware of the need to comply with these regulations and many more are biding their time, leaving them exposed to a lack of training choice

2. Training capacity is an issue – there are 1100 approved centres that will need to deliver 271,000 courses by the deadline in Sept 2014, which means that these training centres will each need to deliver nearly 250 courses to over 500,000 HGV and LGV drivers over the next three years – and the issue is getting worse as private haulage companies fail to get drivers qualified because they face an uncertain future and may not be around in 12 months let alone three years’ time

3. Some of the bigger companies that manage fleets of trucks have made training a priority but now face having their drivers poached by other companies who leave it too late to comply and won’t be able to run their business

UK Operators are still reeling from the escalation in diesel and petrol costs but experts say the underlying implications of non-compliance are far more serious.

“Many operators have either stuck their heads in the sand or are simply unaware of the implications that these regulations have for their future business,” observes John Davidge, Technical Consultant at Cardinus Risk Management.

“There’ll be many small to medium firms that’ll be caught out. A couple of weeks’ ago I did a survey with a lighting contractor in Essex that runs a mixed fleet of vans, seven and a half ton trucks and cars and was shocked to learn that the finance director was totally unaware of the Driver CPC regulations. Many small to medium companies use a warehouseman or factory worker as a spare driver to cover leave or times where there’s high demand and unless they’ve received the requisite training, those drivers will no longer be available,” says Davidge.

Andy Keane, UK Motor Portfolio Manager at leading business insurer Brit Insurance says that the ramifications for both the haulage industry and the UK economy will be far reaching unless operators take action now and current levels of Driver CPC uptake improves.

“The prospect of a major breakdown in the distribution and supply chain where shops’ shelves are left bare of basic staples such as milk and bread if truck drivers and their employers fail to comply with these regulations is a real possibility.

“On current industry estimates, there’s likely to be a rush for training towards the end of the compliance period and this will have major implications for business continuity as there’s simply not enough capacity in the system to cope.

“The current gap of five million training hours is getting worse and we predict there could be as much as a 30 percent shortfall in the number of legally qualified drivers of light and heavy goods vehicles before 2014.

“Should this happen, the impact on the UK economy could be devastating with a downturn in productivity coupled with loss of sales for many millions of businesses that depend on road haulage.

“So it’s fair to say that the haulage industry has fallen asleep at the wheel. What needs to be done now is that haulage and fleet owners must rethink how they manage their businesses in order to a have future,” warns Keane.

ENDS

Contact for news story:

Ardi Kolah
Head of Public Relations
Brit Insurance
55 Bishopsgate
London }
EC2N 3AS

T: 020 7098 6569
M: 07909 934 228

Leaving the choice of business insurer to be determined by price is like watching the X Factor...

Fri, 21 Oct 2011 12:00:00 +0100

“The madness of ITV’s hugely popular X Factor has permeated the insurance industry,” reflects Simon Cooter, responsible for managing the UK regional network for Brit Insurance and who’s speaking at the IEA’s 11th Annual Conference in London next month.

Cooter sees little point in entering an audition for new business in the same way hapless contestants roll up to appear on Britain’s top reality TV show.

“Pitching for business has become a bit like the X Factor – if you decide that your only strategy is to appeal to the lowest common denominator in the hope of winning the business then you’re stuck on promising to deliver your product at the lowest price.

“And like the X Factor, the appeal soon fades when the client discovers that their choice of insurer promises more than they can deliver.

“In recent years, this flight to price has even extended to clients with complex needs and who annually spend in excess of £250,000 on insurance premiums.

“Many appear to be making price-based decisions as if they’re shopping for private motor insurance. As a result, this has created a downward spiral in our industry in terms of producing high quality products. And with so much commoditisation in the insurance sector, we’ve almost lost the ability to differentiate our products on the grounds of service quality. In the long term this minimises choice for clients as well as damaging the credibility of our industry,” warns Cooter.

Brand, product and people differentiation is important within the context of the insurance industry being fit for purpose, argues Cooter.

“If you look at the professional services sector, such as law or accountancy, then clients understand the value of quality in terms of instructing a firm that has a strong reputation in their sector. They wouldn’t select a firm operating above the local laundrette just because they’re cheaper!”

According to Cooter, the solution is to outperform rather than mimic competitors in the hope of building sustainable relationships for the long term.

“We’ve been re-thinking all of our client propositions; aligning the interests of end-clients, brokers and underwriters. For key clients, this means exploring new ways of making a real difference to them by understanding their specific needs and tailoring our proposition accordingly. This has to be a better way than trying to strip things down to the minimum acceptable standard at the lowest possible cost.”

As part of this initiative, Brit Insurance business in the UK is adopting a new ‘One Broker, One Quote’ approach where it will enter exclusive relationships with its partner brokers in order to deliver more value for the end-client and build longevity in that relationship that will endure well into the future.
Unlike some of the contestants that have appeared on the X Factor.

ENDS

Notes to Editors
1. A high res (300 dpi) picture of Simon Cooter is available.
2. Further information on the 11th IEA Conference - The Future of General Insurance
(1-2 November 2011) is accessible at www.marketforce.eu.com/insurance and contact Mark Wright on 0207 760 8643 mwright@marketforce.eu.com

Media enquiries
Ardi Kolah, Head of Public Relations Tel: 0207 098 6569
Mobile: 07909 934 228 Email: ardi.kolah@britinsurance.com

Transatlantic alliance to combat cargo crime in the US

Mon, 10 Oct 2011 00:00:00 +0100

As a CargoNet member, Brit Insurance provides its policyholders with an extended level of protection where emergency and practical assistance is urgently required by a driver who is a victim of cargo theft. Brit Insurance underwrites in the U.S. on a surplus-lines basis through its Lloyd’s Syndicate 2987 and distributes through a network of selected agents.

In a recent incident that is typical of the risks faced by shippers on a daily basis in the U.S., a trailer containing over $1m of unreleased video games went missing over a 24-hour period, and GPS systems proved ineffective in establishing the location of the truck or its cargo.

However, as a result of the owners contacting CargoNet, the 24/7 Command Centre issued theft alerts and instigated a cargo recovery process that resulted in finding the driver and recovering the cargo intact within the 48 hours of its disappearance.

Reported cargo thefts in the U.S. are predicted to exceed $30 billion in losses each year and this is likely to be the tip of the iceberg, according to law enforcement experts. One reason is that a vast number of victims do not report cargo crime to avoid negative publicity or perceived damage to corporate reputation.

Instead, many victims absorb substantial financial losses rather than make claims for compensation, which is adding an increasing burden for many businesses still reeling from the effects of weak domestic demand and a fragile global economic recovery.

Against this background, there has been a renewed impetus on the part of CargoNet and Brit Insurance to explore new ways of combating cargo crime by bringing together the private sector, insurance industry, law enforcement agencies, and the trucking community itself.
“Brit Insurance was a natural choice for us in creating this network in the U.S. because it brings global expertise in business continuity and significant experience in working with companies to help manage insured risks all over the world,” explains Garry Rivell, vice president of insurance services at CargoNet.

As well as high visibility warnings affixed to cargo trucks, drivers are supported with a 24/7 emergency response Command Center that is capable of launching a coordinated notification and recovery process with law enforcement agencies and task forces — regardless of the state where the incident occurred.

In addition, a national database maps all such incidents in real time, and a sophisticated risk management tool helps transportation managers plan the safest routes for drivers to dramatically reduce their exposure to cargo crime.

Matthew Wilson, CEO, Brit Insurance Global Markets, concludes: “Advanced deterrents, driver education, and a highly advanced 24/7 Command Center - combined with our expertise in business continuity and risk management - has created a totally unique service that will be of assistance to all of our distribution and transportation clients that need to import cargo or operate in the U.S.”

ENDS

Media Enquiries

Ardi Kolah
Head of Public Relations
Brit Insurance
Tel: 0207 098 6569
Mobile: 07909 934 228
Email: ardi.kolah@britinsurance.com

About CargoNet
A member of the Verisk Analytics family of companies, CargoNet® helps prevent cargo theft and improve recovery rates through secure and controlled information sharing among theft victims, their business partners, and law enforcement. CargoNet is centered on a national database and information-sharing system managed by crime analysts and subject-matter experts. By applying a synchronized, layered approach, CargoNet exploits the weakness of cargo thieves at multiple points. CargoNet offers integrated databases, a theft alert system, task force and investigations support, a tractor/trailer theft deterrence program, and the TruckStopWatch® program. CargoNet also provides driver education and incentives, secondary-market monitoring and interdictions, crime trend analysis and loss control services, and training. More information on CargoNet can be found at www.cargonet.com.

About Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specializing in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance, offering worldwide protection. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Its distribution model is centered on brokers and intermediaries. Reflecting where its customers trade, it is organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to its underwriting platforms including Brit Insurance Limited and its Lloyd’s syndicate, Brit Syndicate 2987.

Brit Insurance shortlised for Underwriting Service Awards by brokers

Thu, 06 Oct 2011 00:00:00 +0100

These awards are unique in one key area. They are based not on insurer submissions judged by a panel, but on large-scale objective input from UK commercial broking professionals, submitted through an annual Business Insurers Insight Study and accompanying line-specific studies.

So, how does it work?

In each line of business they handle, brokers are asked to grade - A, B, C, or D - the all-round professional calibre of the underwriting teams they've dealt with at each insurer they've worked with during the 12 months.
These grades are converted into percentage performance scores for each insurer, in each line of business in which it is a significant competitor. Shortlists consist of the four or five top-scoring insurer underwriting teams in each line.
Further verification and analysis determines the highest scoring team in each line of business, and the one that will walk away with the trophy at the ceremony on 22 November at the Oval.

The Underwriting Service Awards are entirely in brokers' hands. There's only one way an underwriting team can win one: by delivering an absolutely first-class service.

Brit Insurance expands in the US with acquisition of public entity package team

Wed, 05 Oct 2011 00:00:00 +0100

Effective from 3rd October, the new team forms part of Brit Insurance Services USA, Inc. (BISI), which is the company’s wholly-owned service company based in Chicago, Illinois.

Nicholas Davies, Executive Vice President of BISI explains:

“Since establishing a US presence in 2009, our Chicago-based Public & Non-Profit Sector team has enhanced our long standing reputation as a market of choice in this specialised sector. Our existing Self Insured Retention product offers broad coverage for property, liability and worker’s compensation in a single all lines aggregate policy tailored for U.S. public entities, schools, religious and higher education institutions. The addition of a dedicated First Dollar team, who will market the product through a network of retail brokers, allows us to expand our Public & Non-Profit Sector scope to smaller Public Entities geared more towards purchasing a standard deductible package policy. This new client base will benefit from the local underwriting, claims and loss control services we now offer through our US platform.”

The Richmond office will (subject to Lloyd’s approval) underwrite on behalf of Brit Syndicate 2987 at Lloyd’s and will be headed by Sharon Wright who will report directly to Nicholas Davies. With over 30 years’ experience, Sharon is moving to Brit Insurance from HCC where she was Senior Vice President of Public Risk Eastern Division. To complete the team, four other colleagues will be joining Sharon from HCC.

Matthew Wilson, CEO of Brit Insurance’s Global Markets business commented:

“We are delighted that Sharon and her colleagues are joining us. Their experience and expertise allows us to complete our already extensive range of products for US public entities. Under Nicholas Davies’ leadership our Chicago-based team increased revenues by 40% in 2010 and we look forward to our colleagues in Richmond contributing to its further growth and enhancing the service that we deliver to brokers and clients across the US.”

-ENDS-

Enquiries

Ardi Kolah,
Head of Public Relations
Brit Insurance
+44 (0)20 7098 6569

Peter Rigby / Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

EU rules threaten haulage industry with business continuity risk says insurer

Wed, 14 Sep 2011 09:00:00 +0100

The new rules come through an EU-wide regime of driver certification of professional competence (Driver CPC) that will affect hundreds of thousands of employed and self-employed truck drivers across all 27 European member states. Keane gave an interview to global ratings and insurance analysis company A.M. Best where he outlined the ramifications for both the haulage industry and the UK economy unless operators take action now and current levels of Driver CPC uptake improves. “The deadline for completing the required 35 hours of training is 2014 which may seem like a long way off but the reality is many haulage companies and drivers are simply leaving it too late,” says Keane.

Listen to the interview with Andy Keane

Lloyd’s market needs to keep pace with changes in the marine sector

Mon, 12 Sep 2011 09:00:00 +0100

As the global container shipping industry moves towards greater transparency and stronger corporate governance, the London insurance market must also re-plan its approach in this sector in order to remain competitive.

Structural changes of the type that were predicted by Maersk Line CEO Eivind Kolding earlier this year have started to influence the way marine insurance is being written, says Simon Stonehouse, a leading Lloyd’s underwriter at Brit Insurance.

“Within the container shipping industry there’s a paradigm shift taking place where the commercial focus is moving from price towards delivering higher levels of service and reliability to customers” observes Stonehouse.

“These changes have been predicted for sometime given that the industry appeared to have become stuck in its old ways. Increasing demands made by customers for better service and reliability has meant that processes for booking cargo, for example, have had to be streamlined in order to meet these expectations,” says Stonehouse.

The future for the container shipping industry lies in making the process as easy as booking an airline ticket as well as settling claims with the same degree of simplicity.

The global marine insurance market is estimated to be worth over USD 23 billion and hull premiums account for about USD 6 billion.

In London, the new claims transformation process has given leading underwriters more control in order to settle claims, but more still needs to be done.

With around 90 percent of goods transported globally being carried by ship coupled with the sheer number of vessels and ship owners involved has led to severe fragmentation and lack of structure in this important part of the global supply chain.

However on a more positive note, many charterers have started to adopt new corporate structures in response to the changing dynamics of the global market.

“Our view is that the London insurance market also needs to evolve in parallel if it’s to remain competitive or risk being left behind. It’s here that there are opportunities to learn from other insurers that deliver a totally different type of service that’s more in tune with the changes that are occurring within this sector,” argues Stonehouse.

At the root of this thinking is the investigative rather than adversarial approach taken by a select few in London with respect to insurance claims.

For the past four years the Dublin Claims Conference, which is attended by claims practitioners and marine lawyers, has been investigating a new Hull Claims Protocol which again is on the agenda this year.

Stonehouse adds:“Lloyd’s needs to move away from settling claims by paying out for repairs once they are completed and then arguing over the details as to what’s a valid claim under the policy. By then, the money’s been spent and it’s too late. For example, distinguishing between repairs carried out for the insurer’s account and those for the owner’s account can be a grey area. Identifying the costs from the outset would save time, expense and heartache.”

Brit Insurance has been in the vanguard of underwriters advocating a more proactive approach. By getting claims professionals on the ground immediately – regardless of distances involved – incidents within the marine sector can be managed more efficiently and claims issues can be addressed as they arise.

Stonehouse concludes: “The marine hull sector is changing and streamlining its business. By embracing these changes and reforming the way the market operates, we can be confident of remaining the world’s leading marine insurance market well into the future.”

Further information:
Ardi Kolah
Head of Public Relations
Brit Insurance
Tel: 0207 098 6569
Mobile: 07909 934 228
ardi.kolah@britinsurance.com

About Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance, offering worldwide protection. The scope is wide-ranging: from small and medium sized traders to the largest multinational corporations. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd’s syndicate, Brit Syndicate 2987.

Major business continuity risk as haulage industry gets knocked by forthcoming EU regulations

Wed, 31 Aug 2011 16:00:00 +0100

A new EU-wide regime of driver certification of professional competence (Driver CPC) will affect hundreds of thousands of employed and self-employed truck drivers across all 27 European Member States with implications for all companies and organisations in the UK.

“The deadline for completing the required 35 hours of training is 2014 which may seem like a long way off but the reality is many haulage companies and drivers are simply leaving it too late.”

On current industry estimates, there’s likely to be a rush for training towards the end of the compliance period and this will have major implications for business continuity.

“The current shortfall in the number of training hours completed by those required to undertake Driver CPC is likely to exceed 5 million training hours by the end of 2011 and it’s predicted there could be as much as a 30 percent shortfall in the number of qualified drivers of vehicles over 3.5 tonnes before 2014.

“Should this happen, the impact on the UK economy could be devastating with a downturn in productivity coupled with loss of sales for many millions of businesses that depend on road haulage,” warns Keane.

Operators are still reeling from the escalation in diesel and petrol costs but the underlying implications for the haulage industry through non-compliance with Driver CPC is potentially far more serious.

According to John Davidge, Technical Consultant with Cardinus Risk Management, many operators have either stuck their heads in the sand or are simply unaware of the implications that this EU directive has for the future of their businesses.

“There will be many small-medium businesses that will be caught out by these forthcoming regulations. A couple of weeks’ ago I did a survey with a lighting firm in Essex that run a mixed fleet of vans, 7.5 tonnes trucks and cars and was shocked to learn that the finance director was totally unaware of the Driver CPC regulations despite the risk that failure to comply will have on the business.

“Many SMBs use a warehouseman or factory worker as a spare driver to cover leave or times where there’s high demand and unless they’ve received the requisite Driver CPC training, those drivers will no longer be able to drive,” he says.

Haulage and fleet owners must now rethink how they manage their businesses in the future and the issue is further complicated as the number of qualified drivers available (average age 54 years) is rapidly falling, according to the Office for National Statistics (ONS) in the UK.

Latest research shows that there are 299,000 vocational large goods vehicle drivers in employment, a drop of nearly 3.5 percent over the last couple of years (309,000, 2009).

Ends

Note to editors

Andy Keane is available for radio and TV interviews
A high quality (300dpi) photograph of Andy Keane is available on request

Media enquires

Ardi Kolah
Head of Public Relations
Brit Insurance
55 Bishopsgate
London EC2N 3AS
T: 020 7098 6569/ 07909 934 228

Brit Insurance warns about PI risks in the wake of relaxation of market regulations

Mon, 22 Aug 2011 15:00:00 +0100

Under the amendment to the Legal Services Act 2007, ownership and investment restrictions will be lifted, allowing non-lawyers to effectively have a large stake in an alternative business structure (ABS) and a seat on the board. In addition, there’s consolidation in the legal services sector where UK and international law firms have merged to create global professional practices.

Over the previous 12 months Brit Insurance has witnessed an increase in claims from corporate law firms where they have attempted to diversify the range of professional services they offer compared with the number of claims made by specialist or boutique firms.
According to Mark Figes, class underwriter for professional indemnity at Brit Insurance – leading the UK and international team - many law firms must think more carefully about the challenges they now face in managing newly merged as well as multi-disciplinary practices where new owners come from outside the legal profession.

“As a general rule of thumb, as people start dabbling, the risk goes up. And the risks that these new types of businesses face are two fold – many of their clients are trading in difficult conditions that have increased the risk of business failure and bankruptcy. This has led to an increase in PI claims against professional advisors as the claimants hope they’ll succeed in getting substantial payouts for purported negligent advice. The second business jeopardy is that many of the partners of these ABS practices may lack relevant management experience of working in such structures and with multi-disciplinary teams such as lawyers, accountants and loss adjusters, for example.

“As a result, we’ve responded to help these practices manage such risks by working closely with specialist professional indemnity agency Libra in determining the PI policies required to mitigate such exposures whilst at the same time allowing greater flexibility and freedom for solicitors practices to manage their businesses and maintain a stable environment for their premiums in the future,” he says.
Ed Pickard, managing director, Libra - a professional indemnity insurance agency - adds: “We are delighted to be working with one of the world’s most respected and experienced PI insurers who have demonstrated significant leadership in the professional advisor market segment by increasing their appetite for excess layer risks.”

The core team at Brit Insurance has increased in capability and experience with the recent hire of Patrick Ruffell as a specialist underwriter of this class who has over a decade of UK and professional services sector experience in understanding risks, procedures and protocols.
Figes concludes: “This is an exciting time in the evolution of legal firms in the UK and internationally and we are delighted to be at the forefront in assisting these practices through a combination of innovative PI products supported by a world class team to help meet the needs and requirements of the legal services sector.”

ENDS

Ardi Kolah
Head of Public Relations
Brit Insurance
55 Bishopsgate
London
EC2N 3AS

T: 020 7098 6569
M: 07909 934 228

Notes to Editors
1. High quality (300 dpi) photograph of Mark Figes is available on request.
2. Mark Figes is also available for radio and TV interviews

About Libra
Established in 2000, the company provides professional indemnity insurance claims handling, risk management and general administration services to a number of medium-large UK and international law firms. The firm has substantial experience in the professional services sector, assisting law firms to identify and manage commercial risks within a highly regulated market. Libra is a trading name of Tindall Riley Limited.

Reminder of the need for policyholders to comply with policy claims notification period

Thu, 11 Aug 2011 10:30:00 +0100

It is important to remind brokers that under the terms of our policies we require policyholders to immediately notify us and then supply as much information as possible about any insurance claim within seven days.

The reason for this tight deadline is that it then enables us to enforce our subrogation rights against the relevant police authority as laid down by the Riot (Damages) Act 1886. Currently, the Government has not given any indication that there will be any relaxation of these reporting requirements.

We therefore require all our brokers to do everything possible to ensure that their clients observe the need to make timely claims.
Brit Insurance has put its claims team on high alert to help property owners affected by recent riots so that they receive the appropriate help and assistance.

Those affected who currently hold Brit Insurance policies need to call free phone 0800 587 6713. Alternatively, they can email britinsurance@cl-claims.com where a dedicated team of advisors are standing by to provide assistance.

If possible policyholders should have their policy details to hand but in any event we will assist them through the claims process in order to help alleviate the hardship and distress these terrible activities have caused.

Ends

Ardi Kolah
Head of Public Relations
Brit Insurance
55 Bishopsgate
London
EC2N 3AS

T: 020 7098 6569
M: 07909 934 228

Notes to Editors

Leading insurance underwriter puts team on alert to help property owners

Tue, 09 Aug 2011 15:30:00 +0100

“We advise that policyholders have their policy details to hand if at all possible and we’ll assist them through the claims process in order to help alleviate the hardship and distress these terrible activities have caused. We need policyholders to notify us in seven days as we are keen to provide them with the assistance they require” says Ray Cox, CEO, Brit Insurance UK.

ENDS

Media enquiries:
Ardi Kolah
Head of Public Relations
Brit Insurance
Tel: 0207 098 6569
Mobile: 07909 934 228
Email: ardi.kolah@britinsurance.com

Notes to Editors

Half Year Report - 30 June 2011

Tue, 26 Jul 2011 07:00:00 +0100

Financial highlights

Profit before tax was £6.8m (30 June 2010: £77.5m) and excluding the effect of foreign exchange on non-monetary items was £1.6m (30 June 2010: £72.8m).
Gross written premium 2.1% higher at constant exchange rates at £845.3m (30 June 2010: £851.5m), broadly in line with plan and reflecting the Group’s focus on disciplined underwriting, enabling it to obtain premium rate increases of 0.9% (30 June 2010: 1.1%).
Combined ratio excluding the effect of foreign exchange on non-monetary items of 104.8% (30 June 2010: 96.5%) including 15.5 percentage points for major claims (30 June 2010: 7.1%).
Investment return of 1.5% against a backdrop of challenging economic environment (30 June 2010: 1.6%).
Underlying attritional claims ratio improved over full year 2010 by 3.5% to 58.6%.
Underlying management expenses reduced by 11.8% to £75.4m.
Dividend of £50m paid on 28 April 2011.

Business development

Successful completion of the acquisition of Brit Insurance Holdings NV by Achilles Netherlands Holdings BV for £10.70 per share on 9 March 2011. Brit Insurance Holdings NV subsequently re-registered as Brit Insurance Holdings BV.
Strong and continuing focus on key areas that drive performance: Underwriting, claims, investments, expenses.
High profile hires announced to lead the Energy & Power division and the Property Treaty Team.
Improved operational flexibility and effectiveness through a new partnership with Infosys, a major global provider of outsourced capabilities, providing a range of back and mid office functions.

Dane Douetil, Group CEO of Brit Insurance Holdings BV commented:

“The underlying performance of Brit Insurance continues to strengthen. The continued improvement in the underlying claims ratio has been particularly encouraging at a time of difficult pricing conditions and is the result of our total focus on underwriting performance across the business. This is reflected in the company producing a profitable result despite the unprecedented number of catastrophe events in the first six months.

“Brit Insurance’s strong franchise and increasing concentration on those areas of business where it sees greatest opportunity continues to attract highly talented people to be hired across the organisation including key appointments recently announced to lead our Energy & Power business and Property Treaty portfolio.

“We have continued with our goal of creating a flexible operational infrastructure so as to allow the company to respond swiftly to changing business needs. To assist this we have partnered with Infosys who will bring long term capability and a range of back and mid office operational and IT services.

“The successful transfer to private ownership during the period has already created new opportunities for the Group on which we will build and enhance our core strengths of underwriting, claims management and asset allocation.”

Read the full statement

Partnership announced with Infosys to provide operational and IT services

Tue, 19 Jul 2011 00:00:00 +0100

Brit Insurance, the international insurer and reinsurer, today announces that it has entered into a partnership with Infosys to provide a range of back and mid office services.

The move will see a number of non-customer facing operational and IT activities, including elements of IT infrastructure and applications management and development, transfer to Infosys as early as the autumn this year.

Malcolm Beane, Brit Insurance Group Operating Officer, commented,

“This strategic relationship will bring Brit Insurance increased scalability, flexibility and operational effectiveness to support our core business areas of underwriting, claims and investment management. We are looking forward to working with Infosys, which is a global provider of consulting and technology services with a proven track record of delivery.”

ENDS

Enquiries

Media relations team
Brit Insurance
+44 (0)20 7984 8602

Peter Rigby / Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

About Infosys Ltd
Many of the world’s most successful organizations rely on the 133,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.

For more information about Infosys (NASDAQ: INFY), visit www.infosys.com

Brit Insurance forms property investors team

Fri, 15 Jul 2011 00:00:00 +0100

With 30 years in the UK general insurance market, Kevin Simmons’s most recent role was Head of Real Estate at Zurich Insurance. His experience at senior level crosses service delivery, performance improvement and customer relations, as well as managing regional underwriting operations.

Commenting on the new team, Ray Cox, Chief Executive Officer of Brit Insurance UK, said:

“This is a significant area of the UK property insurance market and we see opportunities for profitable growth capitalising on our existing portfolio in this area and complementing our overall UK property book. Kevin has considerable experience in the property investor insurance market, with an impressive track record of creating and developing successful and profitable underwriting operations. Under his leadership, our team of property experts will be well-equipped to make a real mark in this specialist area.”

Kevin Simmons will be joined by other Brit Insurance property specialists, including Andrew Jackson, UK Property & Packages portfolio manager, Amanda Doran, Property & Commercial Packages Underwriting Manager, and Andrew Tacey, a specialist underwriter. These key members of Brit Insurance’s Property Investors team all have extensive experience in this field.

Kevin Simmons commented:

“Property investors insurance is a significant market and one Brit Insurance is well-placed to serve, particularly with the expertise already on board and with its customer focussed approach. With the backing of an experienced team, I look forward to increasing our market share, creating a competitive range of solutions and making us a recognised leader in this business.”

Property investors cover will be available, via brokers, throughout Brit Insurance’s network of regional offices.

ENDS

Enquiries

Media relations team
Brit Insurance
+44 (0)20 7984 8602

Peter Rigby / Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Jon Sullivan appointed as Head of Property Treaty Reinsurance

Fri, 08 Jul 2011 00:00:00 +0100

Brit Insurance, the international general insurance and reinsurance group, today announces the appointment of Jon Sullivan as Head of Property Treaty. He is anticipated to take up his position in the autumn and will report to Jonathan Turner, Chief Executive of Brit Reinsurance, the group’s specialist reinsurance business unit.

The move will combine the company’s North American and International Property treaty reinsurance teams into a worldwide specialist Property operation. Jon Sullivan joins from Torus where he was Senior Vice President, International Reinsurance.
Commenting on the appointment, Jonathan Turner, Chief Executive of Brit Reinsurance said:

“We are delighted to welcome Jon to the team – he has a wealth of experience and skills from over 20 years in the market, as a broker and as an underwriter in both London and Bermuda. I am certain he will play an instrumental part in the continued development and focus of our property treaty portfolio.”

ENDS

Enquiries

Media relations team
Brit Insurance
+44 (0)20 7984 8602

Peter Rigby / Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Brit Insurance supports National Cricket Day

Thu, 07 Jul 2011 00:00:00 +0100

Along with a host of cricket-related VIPs, the volunteers, including Dane Douetil, helped teachers to hold cricket-themed lessons across the curriculum. This was one of ten flagship events, held as far afield as Cornwall and County Durham, to showcase Chance to Shine. Brit Insurance volunteers also took part in events in Birmingham, Leeds, and Manchester.

Johanna Primary School near Waterloo played host to England fast bowler Chris Tremlett, who ran a PE class, Minister for Sport and The Olympics Hugh Robertson, who took assembly, and Bank of England Governor and President of Chance to Shine, Sir Mervyn King, who helped to teach a cricket-themed maths lesson for year three pupils. Other assistant teachers included cricket broadcaster and Chance to Shine co-founder Mark Nicholas, ITV weather presenter Lucy Verasamy, former England wicket keeper Jack Russell and the Barmy Army’s Billy “The Trumpet” Cooper.

Dane, who was assisting in the classroom at Johanna Primary as part of our Employee Volunteering Scheme, commented:

“Brit Insurance is proud to support Chance to Shine, helping them reach into classrooms and deliver cricket skills to children from all cultures and backgrounds. It makes sense to use our influence in the sport as the catalyst to make a positive difference in local communities.”

Chris Tremlett, who swapped his professional England duties for teaching youngsters cricket skills, spoke passionately about Chance to Shine:

“It’s a great cause. I was lucky that I had a PE teacher who loved cricket and I could play the game at a state school, but the opportunities to play matches were limited. Getting kids out there and being active is good for them and good for the game too.”

The Chance to Shine programme provides an ideal opportunity for employees to get involved in their local community. Individual and team volunteering opportunities are available through local schools and cricket clubs.

Brian Randall appointed as Director of Energy & Power division

Tue, 14 Jun 2011 00:00:00 +0100

Brian has worked in the energy markets for over twenty years, with experience gained across upstream and downstream business as both broker and underwriter. He joins from the Watkins syndicate where, as Class Underwriter, he was responsible for Energy business underwritten in London.

Reporting to John King, Global Markets Portfolio Director, Brian will focus on growing Brit Insurance’s involvement in these classes and on ensuring the service it offers to brokers in the London market and Lloyd’s continues to be second to none.

Commenting on this appointment, Matthew Wilson, Chief Executive of the company’s Global Markets strategic business unit said: “We are delighted that Brian will be joining us to head up this new division and seize the many opportunities that exist in the energy and power markets. His reputation as a leading underwriter in the London market and the wide experience he brings with him makes him the ideal person to lead our involvement in these classes.”

-ENDS-

Enquiries
Media relations team
Brit Insurance +44 (0)20 7984 8602

Juliet Tilley / Carly Stevens
Haggie Financial +44 (0)20 7417 8989

Notes to Editors

About Brit Insurance

Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance, offering worldwide protection. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd’s syndicate, Brit Syndicate 2987.

Lloyd’s Service Company opened in Australia

Wed, 01 Jun 2011 09:30:00 +0100

Following the successful establishment of a representative office in Sydney in March 2010, Brit Insurance Services Australia Limited will be able to transact property treaty reinsurance business locally with effect from 1st July 2011.

Writing on behalf of Brit Syndicate 2987, the underwriting team will be led by Mike Davidson who has headed the Sydney representative office since it opened in 2010. Brit Insurance Services Australia will act as the gateway for all Property Treaty reinsurance business emanating from Australia and New Zealand.

Commenting on this significant development, Mike Davidson said: “We know from talking to brokers that they really value having access to locally empowered underwriters who understand the market and local conditions. With all Australasian property treaty reinsurance business now being handled by myself and Stuart Anderson, brokers will have a clear, simple channel for doing business with Brit Insurance. In addition, we’ll continue to provide representative services for other classes of insurance and reinsurance business which fall outside the scope of our Lloyd’s Service Company Agreement.”

Jonathan Turner, Chief Executive of Brit Reinsurance added: “This is a logical progression of our long-term strategy for this region. The office that we set up in Sydney in 2010 has proved effective in developing relationships and identifying new opportunities. By giving underwriting authority to Mike and Stuart we will be very well placed to provide an enhanced service to brokers and clients in these two important territories.”

-ENDS-

Enquiries
Media relations team
Brit Insurance
+44 (0)20 7984 8602

Juliet Tilley / Carly Stevens
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Brit Insurance shortlisted in major awards

Fri, 27 May 2011 00:00:00 +0100

The winners will be announced at the British Insurance Awards dinner on Wednesday 6 July to be held at the Albert Hall in London. The Group has recently won Underwriter of the Year for our innovative approach to small business insurance, and we look forward to building on this success in 2011.

Find out more on the British Insurance Awards website

Atkinson Smith and Brit Insurance launch online self build offering

Mon, 09 May 2011 16:30:00 +0100

Atkinson Smith, a leading insurance broker in the North of England, and Brit Insurance, the international general insurance and reinsurance group, today announce the launch of an online quote and buy system as part of their self build (new build) and home extension/conversion scheme. The scheme is underwritten by Brit Insurance and has been available through Atkinson Smith since September 2006 when it acquired DMS Insurance, a long-standing and highly respected provider of quality cover to this niche market. It now offers direct access to retail customers and brokers via www.selfbuildonline.co.uk. edge IPK, a leading provider of User Experience Platforms, has developed the technology solution to offer this product online.

Ian Laycock, Managing Director, at Atkinson Smith, commented:

“With over 15,000 self build projects taking place each year in the UK, we felt there was a great opportunity for us to take advantage of this growing, niche market. As we developed our offering, it became increasingly obvious that an online platform to complement our existing capabilities would provide us with the scope to increase our customer base and offer our customers a superior experience. Brit Insurance shared our views on the online potential of this scheme and we have together worked with edge IPK to develop an integrated online solution targeted at both customers and other brokers who wish to place business via this scheme.”

Vivek Banga, Head of UK Distribution at Brit Insurance, adds:

“The online SME market is a growing area for us and we always look to support our brokers in trading SME business via online channels. This solution is one of a series of online platforms that we are involved in, working with partners such as Atkinson Smith to extend their foothold in to new or growing online markets. Too often, technology is regarded as a costly and complex alternative when it can in fact be an enabler, particularly in delivering a speedier, high quality customer experience.”

The new online service, which is a complete quote and buy solution targeted at both customers and brokers, has been developed by edge IPK through its edgeConnect platform. It provides Atkinson Smith with the ability to increase the volume of quotes provided, while reducing the overall cost of sales and providing a self-service facility for Atkinson Smith staff, retail customers and third party brokers.

“edgeConnect was developed to help large and small organisations alike to achieve swift return on their investment and to provide a technology platform that genuinely supports business objectives, not holds them back,” said Mike Williams, CEO of edge IPK. “Atkinson Smith now has a solution that allows it to market its products online to both customers and other brokers and provide a superior customer service.”

-ENDS-

Enquiries

For Brit Insurance:
Juliet Tilley/Carly Stevens, Haggie Financial
+ 44 (0)20 7417 8989

For Atkinson Smith:
Sian Fawcett
+ 44 (0)13 0234 1344

For edge IPK:
Amanda Powell, Marketing Communications Manager
+44 (0)16 3523 1231

Nick Sutton, AxiCom
+44 (0)20 8392 4050

Notes to Editors

About Atkinson Smith
Atkinson Smith Insurance Brokers and Risk Managers, formed over 30 years ago, is based in South Yorkshire across two branches, employing over 60 staff. One part of the business is DMS, a Market leading product for those in the self build and renovation sector.

www.proaktive.co.uk

About edge IPK
edge IPK works with some of the world’s largest financial service organisations to develop business driven applications. Underpinned by its User Experience Platform (UXP) edgeConnect, new or existing products and services can be defined and deployed by the business, drastically reducing time to market. By separating the interface or “presentation layer” from the back-office architecture, edgeConnect allows business to provide white-labelled, branding ready versions of each product to multiple channels across multiple devices. The decoupled and evolving nature of the platform also ensures simple integration with existing systems, old or new, mitigating the risk often associated with future IT investment.”

The company has extensive experience in financial services, with a blue chip customer base, which includes Allianz, ABN AMRO, Arista, AXA, LV=, Deutsche Bank, Towergate Partnership, Willis and Zurich Financial Services.

Founded in 2001, edge IPK is headquartered in the UK and is incorporated in North America. The company has successfully delivered the edgeConnect solution in 30 countries and six languages. For more information, please visit our website at www.edgeipk.com.

New package policy launched for US Higher Education sector

Wed, 04 May 2011 10:00:00 +0100

The product provides property and liability coverage including auto, educators legal liability, campus security activities and student practices liability in addition to workers compensation and crime coverages in a single all lines aggregate program with clash coverage provided as standard. Enhanced property and liability terrorism cover is also available.

In addition, colleges and universities will receive automatic access to a tailored web-based risk management system that provides online content and training modules which reflect their own unique risks. Provided by in2vate, this training platform known as TEAM (Train, Educate and Manage) allows risk management policies and procedures to be uploaded, EPLI and regulatory mandated training courses to be completed and accurate training records to be maintained.

Commenting on the product, Jeff Chasen, President of in2vate, “Brit Insurance’s renewed focus on the needs and desires of higher education has resulted in a significant advancement in the management of institutional risk.”

Addressing brokers and producers representing the Higher Education sector at the launch held at The University Club of Chicago on 26th April 2011, Nick Davies, Executive Vice President of Brit Insurance Services USA said: “We’ve specifically developed this new product to address the unique exposures of public and private colleges and universities. Its efficient blend of risk retention, risk management and risk transfer will allow the higher education community to unlock significant benefits, including access to our unique TEAM platform. We believe it’s a major enhancement for our production base over the traditional all lines aggregate package product that’s been available in this specialised sector to date.”

-ENDS-

Enquiries

Media relations team
Brit Insurance
+44 (0)20 7984 8602

Juliet Tilley / Carly Stevens
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

About Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance, offering worldwide protection. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd’s syndicate, Brit Syndicate 2987.

About Brit Insurance Services USA Inc
Brit Insurance Services USA Inc was incorporated in Illinois in December 2008 and became operational in May 2009 as a wholly-owned service company that forms part of the group’s Global Markets strategic business unit. The Chicago-based operation provides Brit Insurance with a distribution outlet for US business while enhancing the service offered to the group’s largest international market. This brand-new excess and surplus lines product will be distributed by wholesale broker Protected Self Insurance and underwritten by the group’s US service company based in Chicago, Illinois on behalf of the company’s Lloyd’s Syndicate 2987.

Daniel Mitchell appointed as UK Portfolio Manager, Professional Risks

Tue, 03 May 2011 10:30:00 +0100

In his new role, Daniel will play a key part in setting strategy, determining pricing and reviewing risk appetite on an ongoing basis for this aspect of the UK portfolio. He will work closely with Brit Insurance’s underwriters in London and throughout its network of UK regional offices.

Daniel Mitchell takes up this new role after spending four years as Financial Risks Underwriting Manager for Brit Insurance’s London Region. In this position, he led a team of underwriters on the Financial Risks account, maintaining an impressive track record of profitable growth and product innovation. He also developed and held responsibility for the national Professional Indemnity (PI) e-trading portfolio and was a member of the London Region leadership team. He joined the Group after four years at HCC as a Senior Underwriter in its PI team. Prior to this, he was a Professional Indemnity Account Director at PIMS-SCA and an Account Handler at PI Direct.

Ray Cox, CEO of Brit Insurance’s UK business, commented:

“Through his leadership of our Financial Risks team in London, Daniel has maintained an impressive focus on underwriting efficiency and technical excellence while developing new channels for our products. His wide-ranging underwriting experience in Professional Risks, together with his technical skills and commercial acumen make him ideally placed to manage our Professional Risks portfolio and oversee its technical integrity.”

-ENDS-

Enquiries
Media relations team
Brit Insurance
+44 (0)20 7984 8602

Juliet Tilley / Carly Stevens
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Robin Martin appointed as Branch Property & Liability Underwriter

Tue, 29 Mar 2011 09:00:00 +0100

Robin has over 30 years of underwriting experience in the UK property and casualty market. He joins Brit Insurance from Travelers Insurance Company Ltd., where he was more recently Regional Development Manager for the South West. Prior to this, Robin has held various senior underwriting roles with other commercial insurers with broker relationships throughout the region.

Reporting to Peter Grocock, Head of Brit Insurance’s Bristol operations, Robin will be responsible for managing the existing property and liability account and developing new business in line with the Group’s underwriting philosophy.

Peter Grocock, Head of Office, Bristol commented:

“I am delighted to welcome Robin to the team in Bristol. He has a strong track record and is a well known and respected underwriter in the local insurance market. In particular, he will bring a wealth of underwriting experience to our growing branch, together with some strong personal relationships established with brokers over many years. I am confident he will make an important contribution to our long term development plans”.

-ENDS-

Brit Insurance

Enquiries

Media relations team
Brit Insurance
+44 (0)20 7098 6626

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Stylish low energy light bulb wins the 2011 Brit Insurance Design of the Year

Tue, 15 Mar 2011 15:30:00 Z

British designer Samuel Wilkinson and product design company Hulger, have won the Brit Insurance Design of the Year 2011 for their stunning redesign of the low energy light bulb. Beating over 90 entries to claim the winning title, 2011 Jury Chair Stephen Bayley presented the award at today’s awards ceremony held at the Design Museum.

The Plumen 001 is an imaginatively sculpted energy saving light bulb, its beautiful silhouette and organic form was chosen as the overall winner from the seven category winners as the Brit Insurance Design of the Year. Stephen Bayley, 2011 Jury Chair said of the winning entry ‘The Plumen light bulb is a good example of the ordinary thing done extraordinarily well, bringing a small measure of delight to an everyday product.’

Low-energy light bulbs have never been regarded as a stylish product, the Plumen addresses this by creating an aesthetic bulb which works just like any low-energy bulb. By bending the glass tubes of a light bulb, Plumen have designed a product that uses 80% less energy and lasts eight times longer than an incandescent bulb. Compared with the standard fluorescent light, Plumen 001 is a beautiful light bulb designed to be seen.

Deyan Sudjic, Director of the Design Museum commented: ‘A worthy winner that is both beautiful and smart. It does away with the superfluous to achieve maximum economy of means. It’s a bulb that doesn’t need a shade and so goes a long way to make up for the loss of the Edison original.’

Jury member Will Self added: ‘I don't think any of the judges feel this is the dernier cri in terms of what will be done with the low-energy light bulb, but if you'll forgive the pun - they are definitely a light leading the way. 2011 was not a year to reward high-end design devised purely for conceptual reasons or added-value results. We felt these bulbs were neat, appealing and covetable in the right, affordable way. Light is, of course, primary to design, without it there can be very little, if any. The design of light sources is thus an elemental component of a design aesthetic.’

The Plumen 001 along with the other shortlisted designs are currently on show at the Brit Insurance Designs of the Year exhibition at the Design Museum until August 7 2011.

Ends

For more information please contact:

Naomi Li or Kate Addy at M&C Saatchi Sport & Entertainment
T: 020 7544 3687 / 020 7543 4535
E: naomi.li@mcsaatchi.com / kate.addy@mcsaatchi.com

Notes to Editors:

Further updates on the awards and exhibition at designsoftheyear.com

2011 Brit Insurance Design Awards Jury:
Stephan Bayley – Jury Chair
Janice Blackburn
Mark Farrow
Penny Sparke
Simon Waterfall
Will Self

Design Museum
The Design Museum is the world’s leading museum devoted to contemporary design in every form from furniture to graphics, and architecture to industrial design. It is working to place design at the centre of contemporary culture. The Design Museum has created a substantial new audience for the subject, with a programme of popular exhibitions on design disciplines ranging from car design to fashion, and architecture to graphics. It attracts more than 200,000 people a year through its doors, has a vibrant schools programme, a strong critical reputation and a commitment to academic excellence, demonstrated by its master’s degree in curating design run in conjunction with Kingston University.

Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance including property, liability and motor for a wide range of customers: from sole traders to the largest multinational corporations; from manufacturers to professional services firms; from shops to satellites.

Charles Barrett appointed as Terrorism Underwriter

Thu, 03 Mar 2011 09:30:00 Z

In his new role, Charles will be responsible for underwriting a diverse range of political violence and aviation war related risks to support the profitable growth of Brit Insurance’s worldwide War & Terrorism portfolio. Charles will be based in London and will report to Russell Kennedy, Class Underwriter, War & Terrorism.

Charles joins Brit Insurance from broker Willis Ltd, where he was more recently Vice President for the North American Terrorism Practice, responsible for leading the London-based team specialising in Terrorism placements for North American domiciled clients.

Matthew Wilson, CEO of Brit Insurance’s Global Markets division, commented:

“Charles’ specialist knowledge of the global War & Terrorism market will complement and broaden our existing underwriting capabilities in this important area of our Global Markets portfolio. His experience of developing products will also be of real value to our team.”

-ENDS-

Brit Insurance

Enquiries

Media relations team
Brit Insurance
+44 (0)20 7098 6626

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Category winners announced for the 2011 Brit Insurance Design Awards

Mon, 28 Feb 2011 10:00:00 Z

The category winners for the 2011 Brit Insurance Design Awards were announced today. Celebrating international design from the last 12 months, the seven categories winners of the fourth annual Brit Insurance Design Awards features winners from Sweden, Germany, Japan, Italy, USA and two from the UK. These seven winners will now contend to become the overall Brit Insurance Design of the Year 2011 which will be announced at the Design Museum on 15 March.

The winners include London’s TFL’s Barclays Cycle Hire scheme which wins the Transport category, a popular and familiar feature across the capital since its introduction in the summer of 2010. Retail outlet Uniqlo’s hugely successful Jil Sander collaboration +J Autumn / Winter 2010 collection wins the Fashion category and Ikea’s intriguing take on baking with their Swedish recipe book presented in stunning visual style wins the Graphics category.

Innovative and accessible design was a recurring theme for the 2011 nominations, beautifully demonstrated with the Plumen low energy light bulb taking the Product award. The Flipboard app, for the Interactive category impressed judges as the world’s first social magazine, fundamentally changing how people discover, view and share content across social networks. The elegant Branca chair designed by UK design practice Industrial Facility wins the Furniture category and the community focused Open Air Library in Germany takes the Architecture award.

Stephen Bayley chair of the 2011 jury commented ‘Anything that is made betrays the beliefs, preoccupations and fears of the people who made it. Never more than this year: there’s a strong sense of austerity, responsibility and realism here. I wouldn’t call it retrenchment, more consolidation. 2011 will be remembered for thoughtfulness rather than exuberance, but that’s no bad thing. The best definition of design is, after all, intelligence made visible.’

The seven Brit Insurance Design Awards category winners are:

Brit Insurance Architecture Award 2011
Open Air Library, Magdeburg. By Karo Architekten. Germany

Brit Insurance Fashion Award 2011
Uniqlo +J Autumn/Winter ’10. By Jil Sander for Uniqlo. Japan

Brit Insurance Furniture Award 2011
Branca. By Industrial Facility, Sam Hecht, Kim Collin and Ippei Matsumoto. Italy

Brit Insurance Graphics Award 2011
Homemade is Best. By Forsman & Bodenfors for Ikea. Sweden

Brit Insurance Interactive Award 2011
Flipboard. By Mike McCue and Evan Doll. USA

Brit Insurance Product Award 2011
Plumen 001. By Hulger and Samuel Wilkinson. UK

Brit Insurance Transport Award 2011
Barclays Cycle Hire. By Transport for London. UK

The seven winning designs will now compete for the coveted overall Brit Insurance Design of the Year 2011 which will be announced at the Awards Lunch at the Design museum on March 15, where the winner will be presented with this year’s awards trophy, exclusively designed by Ross Lovegrove.

The winning entries along with the shortlisted designs are currently on show at the Design Museum until August 7 2011.

Ends

DESIGN MUSEUM, SHAD THAMES, LONDON SE1 2YD
OPENING: 10.00 -17.45 daily. Last admission: 17.15
Admissions: £10.00 Adults, £9.00 Concessions, £6.00 Students,
under 12s Free.
PUBLIC INFORMATION T: 020 7940 8790
W: designmuseum.org

For more information please contact:
Naomi Li or Kate Addy at M&C Saatchi Sport & Entertainment
T: 020 7544 3687 / 020 7543 4535
E: naomi.li@mcsaatchi.com / kate.addy@mcsaatchi.com

Notes to Editors:

Comments from the judging panel on each winning design are below as well as quotes from selected winners.

Brit Insurance Architecture Award 2011
Open Air Library, Magdeburg. By Karo Architekten. Germany

‘Thought-provoking creative re-use which energises a tired corner of an exhausted city. Cheap, flexible and dignified, the Magdeburg library presumes citizens are intelligent, interested and responsible. This may be unrealistic, but it’s nonetheless inspiring.’
- Stephen Bayley, 2011 Jury Chair

‘For us architecture is a tool for designing social relations. This new, hybrid typology of an Open Air Library would not have been possible without an extended participation process. It is a social sculpture; architecture that is still in progress and a new, hopefully sustainable village icon, constructed out of an old modernist warehouse facade. We knew that the Open Air Library would be a key project in our experimental practice, but we did not expect for it to become such a key project in the design world.’
- Stefan Rettich, Karo Architekten

Brit Insurance Fashion Award 2011
Uniqlo +J Autumn/Winter ’10. By Jil Sander for Uniqlo. Japan

‘The +J collection epitomises that you can buy style, you can buy glamour, you can buy clothes that are well designed for a very reasonable amount of money, in fact it’s quite a democratic approach to fashion.’
- Janice Blackburn, 2011 jury member

‘We are delighted to receive the 2011 Brit Insurance Fashion Award for our +J A/W ’10 Collection. To be up against some of the most influential and established designers in the industry, and to win, is a great honour. Uniqlo and Ms. Jil Sander has proved to be a unique partnership over the last two years and this award reaffirms this.’
- Rachel Haworth, UNIQLO UK Ltd

Brit Insurance Furniture Award 2011
Branca. By Industrial Facility, Sam Hecht, Kim Colin and Ippei Matsumoto. Italy

‘There’s justified scepticism about whether the world needs yet another new chair, but this one is too good to dismiss. Ingenious production technology is, for once, turned to genuine advantage.’
- Stephen Bayley, 2011 Jury Chair

‘Industrial Facility, Kim Colin and I are thrilled to have been selected to receive this award. The Branca chair has been a labour of love, made possible by the great experience of wood production that is Mattiazzi, and the naivety of me.’
- Sam Hecht, Industrial Facility

Brit Insurance Graphics Award 2011
Homemade is Best. By Forsman & Bodenfors for Ikea. Sweden

‘In Homemade is Best there's something that's new, that I haven't seen before, there's a completely and utterly different approach to a cookbook which is aesthetically very pleasing and playful, a deserved winner.’
- Mark Farrow, 2011 jury member

‘We just wanted people to eat more cookies. So for us, receiving this prestigious award, and a place in a design museum, is really an unexpected bonus. A big thank you to the jury for making such a brave choice. And a big thank you to IKEA for believing in our idea.’
- Christoffer Persson, Forsman & Bodenfors

Brit Insurance Interactive Award 2011
Flipboard. By Mike McCue and Evan Doll. USA

‘This is one of the applications that literally frightened me silly; it's a social experiment more than a magazine and I can just see the spark igniting what will be a massive industry.”
- Simon Waterfall, 2011 jury member

Brit Insurance Product Award 2011
Plumen 001. By Hulger and Samuel Wilkinson. UK

"We like the Plumen light bulb, we like what it's doing for low energy light bulbs, we acknowledge that low energy light bulbs are the way forward. We think the whole idea of the exposed glass and exposed element of the low energy light bulb can be used in an exciting way. And we think Plumen are moving it in that direction. I think the general feeling is it that this is the start of something; it's not the culmination".
- Will Self, 2011 jury member

“The Plumen project has been a very challenging and exciting project, and to win the Product category at the Brit Insurance design awards is fantastic news. Designing a new form for such a symbolic object was extremely daunting. The main aim was always to try to push the boundaries and produce something that really moved forward the vision of low energy bulbs. We are delighted with the reception the bulb has received.”
- Samuel Wilkinson, Designer

“After three years in the making, we're over the moon to have received such high recognition for the design and concept of the Plumen bulb. Developing such ideas is a solitary and uncertain business, so it’s wonderful to see the Plumen creating such a positive response.”
- Nicolas Roope, Hulger (concept & design direction)

Brit Insurance Transport Award 2011
Barclays Cycle Hire. By Transport for London and Serco. UK

“The fascinating thing about the ‘Boris Bike’ is that no one thought it was lovely, no one thought it was a gorgeous object – the Boris Bike was designed to be not covetable. It was designed to be disagreeable to ride and designed so that no one would want to steal it. And yet you know the scheme is useful. It's a very intelligent idea; I think one of the definitions of excellence in design is that it's something that evolves. Only things which can be defined as truly excellent are things which are capable of evolution. And that's the Boris Bikes Scheme.”
- Stephen Bayley, 2011 Jury Chair

Further judging panel comments on each winning design are available on request.

Further updates on the awards and exhibition at designsoftheyear.com

2011 Brit Insurance Design Awards Jury:
Stephan Bayley – Jury Chair
Janice Blackburn
Mark Farrow
Penny Sparke
Simon Waterfall
Will Self

Design Museum
The Design Museum is the world’s leading museum devoted to contemporary design in every form from furniture to graphics, and architecture to industrial design. It is working to place design at the centre of contemporary culture. The Design Museum has created a substantial new audience for the subject, with a programme of popular exhibitions on design disciplines ranging from car design to fashion, and architecture to graphics. It attracts more than 200,000 people a year through its doors, has a vibrant schools programme, a strong critical reputation and a commitment to academic excellence, demonstrated by its master’s degree in curating design run in conjunction with Kingston University.

Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance including property, liability and motor for a wide range of customers: from sole traders to the largest multinational corporations; from manufacturers to professional services firms; from shops to satellites.

Preliminary Announcement for the Year Ended 31 December 2010

Fri, 25 Feb 2011 07:00:00 Z

Financial highlights

Return on equity excluding the effect of foreign exchange on non-monetary items of 14.4% (2009: 17.4%)
Headline return on equity of 14.2% (2009: 12.2%)
Gross written premium of £1,530.2m, a reduction of 9.8% or 10.4% at constant currency. The reduction reflects active management of the underwriting portfolio and is in line with the Group’s plan
Combined ratio excluding the effect of foreign exchange on non-monetary items of 97.1% (2009: 94.0%) affected by significantly higher charge for major claims during the year
Profit before tax excluding the effect of foreign exchange on non-monetary items of £119.2m (2009: £171.3m)
Profit after tax of £110.5m up 26.2% (2009: £87.5m) and earnings per share of 142.4p up 25.8% (2009: 113.2p)
Distributions of 60.5p paid during 2010 (2009: 60.0p). In light of the recommended cash offer by Achilles Netherlands Holdings B.V., no final distribution for 2010 has been recommended
Net tangible assets (NTA) per share of £11.41 represents growth of 8.5% during 2010
The calculation of adjusted NTA has been agreed with Achilles Netherlands Holdings B.V. (Achilles) as £11.21 resulting in the full 25p per share Contingent Value Payment (CVP)

Operational and strategic highlights

Successful first year with new Netherlands-based holding company
Continued active management of the underwriting portfolio throughout the business
Further talent attracted to the Group together with a number of senior appointments from within the business
Significant progress made on driving upper quartile performance throughout the Group as part of the “Average to Outperform” agenda

Dane Douetil, Chief Executive Officer of Brit Insurance Holdings N.V., commented:

“2010 was a year of solid and consistent progress for Brit insurance returning 14.4% on equity, with EPS up 25% to 142.4p and NTA growth of 8.5% to £11.41 a share. Much of the year was dominated by takeover discussions, finally culminating in October with a recommended offer for the Group by Achilles, a company majority-owned by Apollo and CVC. It is pleasing that strong year end NTA (£11.21 on an adjusted basis for the purpose of the CVP) will mean that the full 25 pence per share CVP, in addition to the £10.45 per share offered, will be paid by Achilles to accepting shareholders following successful completion of its acquisition of Brit Insurance.

“It is a testament to the dedication and hard work of everyone at Brit Insurance that in a year defined by stodgy pricing conditions and higher than average catastrophes that the Group’s claims ratio improved by 1.5 percentage points to 60.7% and that the underlying attritional loss ratio improved by five percentage points. The Group was able to keep its costs broadly flat despite a more intrusive and costly regulatory environment and the significant costs for the implementation of Solvency II. The UK needs to guard carefully against becoming uncompetitive as the cocktail effect of costly regulation and the potential over-engineering of Solvency II relative to the rest of Europe pushes even more business overseas.

“Brit Insurance is in good shape with its strong franchise, recognisable brand and well diversified customer base to take advantage of the opportunities that will arise from its move to private ownership.”

For further information, please contact

Brit Insurance Holdings N.V.
+31 (0) 20 719 1100

Dane Douetil, Chief Executive Officer, Brit Insurance
+44 (0) 20 7984 8500

Neil Manser, Head of Investor Relations, Brit Insurance
+44 (0) 20 7098 6980

Peter Rigby/Juliet Tilley, Haggie Financial
+44 (0) 20 7417 8989

Notes to Editors
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance, offering worldwide protection. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd‟s syndicate, Syndicate 2987.

Stuart Wolstenholme appointed as Property and Packages Underwriter

Mon, 07 Feb 2011 10:00:00 Z

Stuart will report directly to Amanda Doran, Underwriting Manager, Combined Property and Packages. In his new role, he will work closely with brokers to develop and refine the Group’s portfolio in this area.

Stuart joins Brit Insurance from Zurich Insurance where he was Senior Market Underwriter, responsible for managing a large SME business specialising in media/SLE and building a strong reputation across the commercial combined and contingency areas. Prior to Zurich, Stuart held various senior-level underwriting roles specialising in global liability classes.

Paul Dilley, Regional Director - London, commented:

“Property and Packages is an important part our portfolio and Stuart’s appointment reflects our team’s strength and drive in this key area. His underwriting expertise and insight across a wide-range of classes, combined with his managerial skills will be a valuable asset to our London team.”

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Enquiries

Media relations team
Brit Insurance
+44 (0)20 7098 6626

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Robin Murray appointed as Property and Combined Underwriter

Mon, 24 Jan 2011 10:00:00 Z

Robin will report to Suzanne Sahadew, Head of the Property and Combined Team. In his new role, he will be responsible for the underwriting and development of new business and renewals, working closely with local brokers and responding to their needs in this sector.

Robin has over 20 years of underwriting experience in the UK commercial market. He joins from Giles Insurance Brokers where he was Corporate Partner Development Manager, responsible for the management of the migration and the development of new business. Prior to this, Robin held senior underwriter roles at AXA Insurance, focusing on technical underwriting and building relationships with key partners.

Andy Fitzgerald, Regional Manager for Scotland and Northern Ireland, commented:

“Property and Combined is an important part of our offering and Robin’s appointment reflects our desire to continue to develop a profitable book of business. His wealth of industry experience combined with his technical underwriting expertise will complement the existing skills within our Glasgow Team and our UK business.”

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Enquiries

Media relations team
Brit Insurance
+44 (0)20 7098 6626

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Brit Insurance Design Awards nominations announced across seven design categories

Mon, 17 Jan 2011 17:00:00 Z

Showcasing a year in design, the fourth annual Brit Insurance Design Awards features an international shortlist ranging from Yves Behar’s Swarovski Chandeliers to concrete Emergency Shelters designed in Wales. Nominations also include the Apple iPad as well as six different apps including the popular Angry Birds game.

Industry experts have nominated innovative and engaging designs from around the world across seven categories: Architecture, Fashion, Furniture, Graphics, Interactive, Product and Transport. Stephen Bayley will chair the 2011 jury and will be joined by art and design curator Janice Blackburn, graphic designer Mark Farrow, novelist Will Self, Pro Vice-Chancellor of Kingston University Penny Sparke and Simon Waterfall co-founder of digital agency Poke. We are pleased to announce that Bill Moggeridge, Director of the Cooper-Hewitt National Design Museum, New York will also join this year’s jury.

The nominations will be on show at the Brit Insurance Designs of the Year Exhibition at the Design Museum from 16 February – 7 August 2011. From this comprehensive list, the jury will select the seven category winners to be announced on 28 February 2011. The overall Brit Insurance Design of the Year will be announced at the Awards Dinner on 15 March 2011 and this year’s awards trophy will be exclusively designed by Ross Lovegrove.

Alex Newson, curator of the Brit Insurance Designs of the Year exhibition comments, “The sheer breadth of the shortlist reaffirms the importance of good design and how it can help improve daily lives or even refresh the familiar. Whether it is through ingenious temporary home solutions or a new cycle scheme for London, it is a fascinating list of nominees."

View the complete list of nominees

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DESIGN MUSEUM, SHAD THAMES, LONDON SE1 2YD
OPENING: 10.00 -17.45 daily. Last admission: 17.15
Admissions: £10.00 Adults, £9.00 Concessions, £6.00 Students, under 12s Free.
PUBLIC INFORMATION T: 020 7940 8790
W: designmuseum.org

For more information please contact:
Naomi Li at M&C Saatchi Sport & Entertainment
T: 0207 544 3687
E: Naomi.li@mcsaatchi.com

Notes to Editors:

2011 Brit Insurance Design Awards key dates:
17 January Shortlist announced to media
15 February Press View at Design Museum 10am – 12pm
15 February Nominees Party at Design Museum 7pm – 9pm
16 February Exhibition opens to the public
28 February Category Winners announced to media
15 March Awards Night at Design Museum, overall winner announced

Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance including property, liability and motor for a wide range of customers: from sole traders to the largest multinational corporations; from manufacturers to professional services firms; from shops to satellites.

Stephen Bayley to chair the Brit Insurance Design Awards in 2011

Tue, 04 Jan 2011 17:00:00 Z

Over thirty years Stephen Bayley's books, articles and exhibitions have helped frame the contemporary idea of "design". Together with Terence Conran he created The Boilerhouse Project in the V&A. He then went on to become the first Director of the Design Museum and is now a celebrated, outspoken broadcaster and critic.

Stephen will be joined by art and design curator Janice Blackburn, graphic designer Mark Farrow, novelist Will Self, Pro Vice-Chancellor of Kingston University Penny Sparke and Simon Waterfall co-founder of digital agency Poke.

Deyan Sudjic, Director of the Design Museum said, "Stephen Bayley’s sharp eye and sharper pen make him a natural chair for Brit Insurance Awards 2011, a jury that is looking for design that matters".

The awards shortlist will be announced on 17 January, with the final winner being announced on 15 March 2011.

Mark Figes appointed as Class Underwriter, International PI

Wed, 22 Dec 2010 09:30:00 Z

Mark has 30 years underwriting and underwriting management experience in the PI, Professional Lines and Casualty Underwriting sectors within the London Market. He joins from CNA Europe where he was Casualty Underwriting Director, responsible for the management and strategic direction of the European Casualty portfolio. Prior to this, Mark has held a number of senior roles at Swiss Re International, GE Insurance, GE Frankona Insurance and Alexander Howden Insurance Brokers.

Brit Insurance’s PI book covers a broad range of professions, including but not limited to Advertising Agents, Computer Consultants, Management Consultants, Solicitors, Architects & Engineers, Accountants and Insurance Brokers.
Matthew Wilson, CEO of Brit Insurance’s Global Markets business unit, commented:

“International PI is an important part of our portfolio and we are pleased to have Mark on board. His experience of leading underwriting teams throughout the market cycle spans a wide variety of global territories and books of business. His technical knowledge will also be a huge asset to the team”.

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Enquiries

Media relations team
Brit Insurance
+44 (0)20 7098 6626

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Gerry Ross appointed as Underwriter, Commercial Motor

Tue, 14 Dec 2010 09:30:00 Z

Gerry will report directly to Andy Keane, UK Portfolio Manager, Motor. He will be responsible for leading the development of the account with a focus on Fleet and Haulage and providing technical support to Brit Insurance’s regional underwriting offices.

Gerry joins Brit Insurance from Allianz, where he started his career as a graduate trainee in 2002. He has worked in a variety of roles, focusing on underwriting and distribution, most recently as a well respected Senior Motor Underwriter within the London Market.
Andy Keane, UK Portfolio Manager, said:

“Our UK commercial motor account is of significant importance to Brit Insurance and Gerry’s appointment is a reflection of the strategic value we attribute to the class. His experience in underwriting and distribution combined with his technical knowledge of Fleet and Haulage business will make him a valuable asset to both the Motor team and our UK business.”

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Enquiries

Media relations team
Brit Insurance
+44 (0)20 7098 6626

Peter Rigby/Juliet Tilley/Charlotte Ens
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

About Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd’s syndicate, Brit Syndicate 2987.

Baldeep Johal appointed as Group Chief Risk Officer

Fri, 05 Nov 2010 10:30:00 Z

Baldeep joined Brit Insurance in 2001 and was subsequently promoted to Group Chief Actuary where he has created a strong actuarial and modelling team. He has led the Group in implementing a robust approach to reserving, introduced sophisticated pricing models, overseen the building of the Group's capital models and enhanced its exposure monitoring capabilities.

Shane Kingston will be promoted to replace Baldeep as the Group Chief Actuary. Shane joined Brit Insurance in 2004 as Pricing Actuary and his recent responsibilities include Actuary for the Group’s Global Markets and Reinsurance businesses.

Both appointments are subject to regulatory approval.

Dane Douetil, Chief Executive Officer of Brit Insurance, commented:

“With the advent of Solvency II we have taken the opportunity to move all our risk management activities within the responsibility of this newly-created role. Baldeep will lead the Group in assessing the entire risk landscape whilst ensuring the appropriate business balance between risk and reward.”

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Enquiries
Media Relations Team
Brit Insurance
+44 (0)20 7098 6626

Peter Rigby / Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Interim Management Statement

Tue, 26 Oct 2010 09:00:00 +0100

Summary

Gross written premium down 8.5% to £1,220.6m for the nine month period (the period) ended 30 September 2010 (30 September 2009: £1,334.4m), a decrease of 9.0% at constant exchange rates.
Lower premium volumes reflect continued active portfolio management and a disciplined approach to the renewals where premium rates are under excessive pressure
Average premium rate increase on renewed business for the period of 1.1% (30 September 2009: increase of 4.8%)
Overall development of prior year claims reserves continues to be positive reflecting the Group’s consistent reserving approach
Investment return for the period of £101.8m, a non-annualised return of 2.9% (30 September 2009: £119.8m and 3.6%)

Dane Douetil, Chief Executive Officer of Brit Insurance Holdings N.V., said:

“The third quarter saw broadly a continuation of the trends experienced in the first half of the year. Underwriting remained competitive in most classes whilst the Group again experienced better than expected investment returns. Our approach has also been consistent with previous quarters, with our underwriters strongly defending business that can be renewed at adequate prices whilst being prepared to walk away from inadequately rated business.

“Cost control has been an important priority as we shrink the top line in response to a weakening market. We will go into 2011 well equipped to deal with what we expect to remain a competitive marketplace.”

Read the full statement

Jonathan Mudd appointed as Class Underwriter, North American Professional Indemnity

Fri, 22 Oct 2010 09:30:00 +0100

Jonathan joined Brit Insurance as a graduate in 2003 and progressed to the role of North American Professional Indemnity Underwriter within two years. In particular, he has been involved in developing groundbreaking technical models to service the team’s broad range of clients.

He is also an active figure in the London Market, helping to re-form the Young Members’ Committee (YMC) of the Insurance Institute of London (IIL) in 2004 and becoming its Chairman in 2008. He has also just been made one of the youngest Vice Presidents of the IIL in its history.

In his new role, Jonathan will be responsible for managing the North American PI book of business within the company’s worldwide Professional Lines Division headed by Janet Henderson.

Matthew Wilson, CEO of Brit Insurance’s Global Markets business unit, commented:

“Jonathan has shown a huge commitment to his role and to the London Market since joining Brit Insurance seven years ago and his appointment as Class Underwriter is a well-deserved one. He is an extremely talented technical underwriter who balances measured risk taking with trusted and open broker liaison.”

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Enquiries

Mark Jones
Group Marketing and Communications Director
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Vivek Banga appointed as Head of UK Distribution

Wed, 20 Oct 2010 10:00:00 +0100

Vivek, who joined Brit Insurance in March 2010, will continue to report to Simon Cooter (Director of Market Management & Regional Operations) and will now have additional responsibility for developing and overseeing channel strategy for the UK’s core product range, aimed at businesses with a turnover of up to £300m.

Vivek will work closely with the UK’s leadership team and regional operations to ensure Brit Insurance optimises its position with target national and regional brokers. This will include the identification and development of scheme business aimed at key target sectors.

Ray Cox, CEO of Brit Insurance’s UK strategic business unit, commented:

“Since joining Brit Insurance earlier this year, Vivek has made a real impact on how we look at distribution, both in terms of e-trading and more traditional channels, particularly in the small business arena. Widening his remit brings the benefits of his strategic approach and distribution experience to our entire UK business.”

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Enquiries

Mark Jones
Group Marketing and Communications Director
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

New Directors appointed to the boards of Brit Insurance Limited and Brit Syndicates Limited

Mon, 18 Oct 2010 10:00:00 +0100

The four new directors are currently executives within the Brit Insurance Group. Malcolm Beane (Group Chief Operating Officer), Ray Cox (CEO, UK business unit), Jonathan Turner (CEO, Brit Reinsurance and Active Underwriter of Lloyd’s Syndicate 2987) and Matthew Wilson (CEO, Global Markets) join both boards subject to regulatory approval.

Brit Syndicates Limited manages the Group’s wholly aligned Lloyd’s Syndicate 2987 with gross written premium in 2009 of £897.0m. Syndicate 2987 has licences, through Lloyd’s, to write insurance in over 65 territories including the US, and licences to write reinsurance business in these and many other territories.

Brit Insurance Limited’s gross written premium in 2009 was £797.9m. It is the Group’s UK FSA authorised and regulated insurance company and is licensed to write most lines of insurance business in the UK and EEA territories and reinsurance business in these and a number of other territories.

Dane Douetil, Group Chief Executive, commented: “I am delighted to welcome Jonathan, Malcolm, Matthew and Ray to these boards. Their considerable combined experience will be of immense value to meet the increasing challenges facing our industry, including those posed by Solvency II.”

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Enquiries
Mark Jones
Brit Insurance
+44 (0)20 7984 8500

Peter Rigby
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Brit Insurance launches new website

Tue, 05 Oct 2010 09:30:00 +0100

Brit Insurance, the international general insurance group, has recently completed the re-launch of its website, www.britinsurance.com

The website has been redeveloped as part of its on-going commitment to support brokers and their clients. Some of the major enhancements include improved and more detailed underwriter contact information; downloadable sales and product information as part of a brand new broker section; and new pages which showcase its worldwide office locations. The site also includes a re-designed claims section offering a step by step process for making a claim.

Mark Jones, Group Marketing & Communications Director at Brit Insurance, commented:

“We worked closely with the industry, particularly brokers and their clients, to ensure that our new website provides essential, up to date information that is intuitive to find and helps to support our key relationships.

“We have received a very positive response from brokers to the new site, reflected by a 24% increase in traffic since launch. We will continue to evaluate feedback to ensure that our increasingly important online presence meets and exceeds their expectations.”

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Enquiries
Mark Jones
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Brit Insurance’s Alan Groves receives the CII’s prestigious Rutter Prize

Mon, 04 Oct 2010 09:30:00 +0100

Alan received his gold medal, along with a prizewinner’s cheque, at a ceremony held by the Insurance Institute of London (IIL) on 27th September.

A key element in the CII’s decision to award the medal to Alan was his fellowship dissertation, entitled “Capital Markets Convergence – Short Term Fix or Long Term Partnership?”. Exploring the development of Insurance Linked Securities, in particular the history of, and prospects for, the catastrophe bond market; it was considered by the CII to be an outstanding piece of work.

Alan has over 24 years of reinsurance experience and joined Brit Insurance in 2001 where in recent years he was integral to the team that developed Norton Re, a Bermuda-registered catastrophe retrocession insurer. It was during this time that he developed particular expertise in alternative capital structures. He completed his ACII in 2004.

Jonathan Turner, CEO of Brit Reinsurance, commented:

“To achieve FCII status is a major achievement in itself. This award is added recognition of the dedication and enthusiasm Alan brings to Brit Insurance and our industry. His technical knowledge and desire to stay one step ahead of industry trends make him a thoroughly deserving recipient of the Rutter Prize.”

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Enquiries

Mark Jones
Group Marketing and Communications Director
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Brit Insurance announces new appointments in its Global Markets unit

Thu, 16 Sep 2010 12:00:00 +0100

Brit Insurance, the international general insurance and reinsurance group, today announces a number of newly created positions in its Global Markets strategic business unit.

Tom Rowley, currently North American Property Class Underwriter, becomes the Divisional Director of “Property, Space & Terrorism” and Christiern Dart, currently Financial Property Class Underwriter becomes the Divisional Director of “Property Facilities”.

Additionally, the Accident and Health division will be led by Andy Bowers, who takes up the role of Divisional Director for this business area which includes the Personal Accident and Medical Expenses, Contingency and Bloodstock classes of business. Andy is currently Personal Accident Underwriter.

All three will continue to report to John King, Short Tail Portfolio Director.

Matthew Wilson, Chief Executive Officer of Brit Insurance’s Global Markets unit, commented:

“Tom, Christiern and Andy have all proved to be outstanding underwriters and leaders during their time at Brit Insurance. Widening our current divisional director business model will enhance our strategic delivery. As ever, we are pleased to be able to appoint such high-calibre candidates by promoting from within. This reflects the quality of our Global Markets team.”

Amanda Doran appointed as Underwriting Manager, Combined Packages & Property

Fri, 10 Sep 2010 10:00:00 +0100

Brit Insurance, the international general insurance and reinsurance group, today announces the appointment of Amanda Doran to the newly created position of Underwriting Manager, Combined Packages & Property, for its London region. Amanda will join the underwriting team from 13th September 2010, reporting to Regional Director London Region, Paul Dilley.

Amanda joins Brit Insurance with a wealth of industry experience, including eight years as Class Underwriter, Property & Commercial Combined, at Amlin. She has also held senior positions at Aon and Eagle Star. Before joining Brit Insurance, Amanda was managing director at Synergy Insurance Services.

Paul Dilley, Regional Director London Region commented:

“Amanda’s strong technical underwriting skills in this field and considerable managerial experience will
help us to strengthen the existing skills within our London team”.

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Enquiries

Mark Jones
Group Marketing and Communications Director
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Reinsurance Underwriting Director appointed

Thu, 09 Sep 2010 10:00:00 +0100

Brit Insurance, the international general insurance and reinsurance group, today announces the appointment of Richard Carver as Underwriting Director in its Reinsurance strategic business unit.
Reporting to Jonathan Turner, Chief Executive Officer of Brit Reinsurance, he takes up his new role in late September.

With both broking and underwriting experience across a wide range of classes behind him, Richard has built a strong reputation across both the Lloyd’s and company markets. Richard joins Brit Insurance from Aon Benfield, where he spent the last eight years as an Executive Director in its Specialty Reinsurance Team.

In his new role, he will oversee the Reinsurance unit’s underwriting teams, assisting them to further develop and refine their portfolios whilst working alongside Jonathan Turner to drive forward the business unit’s strategy.

Jonathan Turner, CEO of Brit Reinsurance and Active Underwriter of Syndicate 2987, commented:

“Richard’s technical skills and knowledge of global reinsurance markets are well known and widely respected in our industry. His experience in both the Lloyd’s and companies markets, on both long and short tail business, is ideally suited to our business model. He is an excellent acquisition for the team and I look forward to welcoming him into the fold at the end of the month.”

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Enquiries

Mark Jones
Group Marketing and Communications Director
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Glasgow operations boosted with Property & Combined hires

Thu, 26 Aug 2010 09:30:00 +0100

Denise and Karl bring a wealth of local expertise with 35 years of combined experience working in the commercial market place. They both have strong relationships with key intermediaries in Scotland which will enhance the existing team.

Andy Fitzgerald, Regional Manager for Scotland and Northern Ireland at Brit Insurance, commented:

“We are pleased to confirm the additional strengthening of our Property/Combined team in Glasgow. This segment of the market is important to us and these appointments reflect our continuing growth and commitment to develop our business further”.

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Enquiries
Mark Jones
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Notes to Editors

Ray Cox appointed as CEO of UK business unit

Wed, 18 Aug 2010 07:00:00 +0100

Brit Insurance, the international general insurance and reinsurance group, today announces the promotion of Ray Cox to Chief Executive Officer of its UK Strategic Business Unit. The appointment is effective from 1st September 2010. Ray will join the Executive Management Committee and report directly to Group CEO Dane Douetil.

Ray Cox has over 30 years of experience in the UK commercial insurance market. He joined Brit Insurance in 2006 as Underwriting Director of the Group’s UK Strategic Business Unit. Prior to this, he held various senior positions at RSA, including Director of Underwriting and Risk for its UK business.

The role of UK Strategic Business Unit CEO was formerly held by Peter Burrows, who announced his intention to retire in late 2009, and has since held the position of Executive Chairman of the unit. Peter will continue to work closely with Ray until his retirement in December.

Dane Douetil, Chief Executive Officer of Brit Insurance, commented:

“In the current insurance market environment it is important that we capitalise on the success of our UK business and I am pleased that we have been able to appoint an internal candidate of Ray’s quality to provide continuity and stability. Ray has been an integral part of the senior team that has helped to build our UK underwriting business. His strong underwriting background and leadership skills, together with his intricate knowledge of the UK commercial market and our business, made him ideal for this position.”

“I would also like to thank Peter for his pivotal role in leading our UK operations through a period of growth and transformation to become a major player in the UK commercial market. We wish him all the very best for his retirement.”

Ray Cox commented:

“I have enjoyed working with Peter and the team to build our UK business and I am greatly looking forward to leading the business through its next stage of evolution, as we continue to build an efficient and dynamic business with a strong focus on active portfolio management.”

Brit Insurance comprises three strategic business units: UK, Global Markets and Reinsurance. Global Markets is led by CEO Matthew Wilson and Reinsurance by CEO Jonathan Turner. All three units have access to the Group’s two underwriting platforms, Brit Insurance Limited and Brit Syndicate 2987 at Lloyd’s.

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Brit Insurance Holdings N.V
Statutory Corporate Seat in Amsterdam, The Netherlands

Enquiries

Mark Jones
Brit Insurance
+44 (0)20 7984 8500

Juliet Tilley
Haggie Financial
+44 (0)20 7417 8989

Analysts and investors:

Neil Manser
Head of Investor Relations
Brit Insurance
+44 (0)20 7098 6980

Notes to Editors

Scott Egan nominated as Group Chief Financial Officer

Thu, 12 Aug 2010 07:00:00 +0100

Brit Insurance Holdings N.V. (“Brit Insurance” or the “Group”), the international general insurance and reinsurance group, today announces, subject to regulatory approvals, the nomination of Scott Egan as Group Chief Financial Officer. Brit Insurance shareholders will be asked to approve the nomination of Scott Egan as Group Chief Financial Officer and a member of its statutory board at the general meeting of shareholders to be held no later than January 2011.

It is proposed that Scott Egan will replace Matthew Scales, who announced his intention to step down from his position as Group Chief Financial Officer earlier in the year. Matthew Scales has agreed to remain with the Group until Scott Egan joins to ensure an orderly handover of responsibilities.

Scott joins Brit Insurance from Zurich Financial Services, where he has held various roles including Group Financial Controller, based in Switzerland and UK CFO of Zurich UK. Prior to joining Zurich in 2007 he held numerous positions in Aviva including Finance Director of Norwich Union, UK General Insurance, and Managing Director of RAC Insurance.

Dane Douetil, Chief Executive Officer, Brit Insurance, commented:

“Scott’s technical credentials, leadership skills and industry knowledge will be invaluable to the Group as we continue to build on our strong industry franchise.”

John Barton, Chairman, Brit Insurance added:

“I am delighted that we have attracted someone of Scott’s calibre and look forward to his contribution to the future development of Brit Insurance. I would also like to thank Matthew for his loyalty and huge dedication to the Group since its formation and wish him well in the future”.

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Brit Insurance Holdings N.V Statutory Corporate Seat in Amsterdam, The Netherlands

Enquiries

Neil Manser
Brit Insurance +44 (0)20 7984 6980

Mark Jones
Brit Insurance +44 (0)20 7984 8500

Juliet Tilley
Haggie Financial +44 (0)20 7417 8989

Notes to Editors

About Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of over 70 classes of insurance and reinsurance offering worldwide protection. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organized into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd’s syndicate, Brit Syndicate 2987.

Half Year Financial Report 30 June 2010

Wed, 28 Jul 2010 07:00:00 +0100

Financial highlights

Return on equity (annualised) excluding the effect of foreign exchange on non-monetary items of 16.9% (30 June 2009: 13.1%)
Profit before tax excluding the effect of foreign exchange on non-monetary items increased by 12.2% to £72.8m (30 June 2009: £64.9m). Profit before tax of £77.5m (30 June 2009: £8.7m loss)
Gross written premium 13.4% lower at £851.5m (30 June 2009: £983.0m) primarily reflects proactive management of the underwriting cycle and is in line with the Group’s focus on achieving upper quartile underwriting performance. Premium rate increases of 1.1% achieved despite competitive market conditions (30 June 2009: 5.2%)
Combined ratio excluding the effect of foreign exchange on non-monetary items of 96.5% (30 June 2009: 93.8%) including 7.1 percentage points for major claims (earthquake in Chile)
Claims ratio excluding major claims improved by 9.0 percentage points reflecting strong profits arising from prior years and early evidence that the
Group’s strategy to improve underwriting returns is working. This was offset by a 6.2 percentage point increase in the expense ratio due to lower premium volumes, business mix and the timing of certain expenses. Overall, the combined ratio excluding major claims improved by 2.8 percentage points
Prior year claims reserves continue to run-off positively with releases in the period of £41.9m (30 June 2009: release of £19.0m). During the period the Group successfully commuted, at a modest profit, a major Financial Risks contract which represented 30% of the original net reserves established for sub-prime related claims in 2007
Investment return of £57.5m or 1.6% (30 June 2009: £59.2m or 1.8%)
Effective tax rate of 13.0% (30 June 2009: 27.6%)
Diluted earnings per share of 87.3p (30 June 2009: loss of 8.0p)
Recommended 2010 interim distribution maintained at 30.0p per share
Growth in net tangible assets per share of 4.6% to £11.00 (31 December 2009: £10.52) after payment of 2009 final distribution of 30.1p per share

Business development

Significant progress achieved in meeting the Group’s aim to be a top quartile underwriter with detailed plans rolled out by each business unit.
Enhanced underwriting tools and portfolio analytics have been embedded throughout the organisation to enable underwriters to focus on developing the most profitable areas of accounts and re-underwrite risks that are not consistent with top quartile performance
Continued emphasis on portfolio optimisation across the Group. In the UK the withdrawal from Local Authority (Municipal) business and a significant reduction in Private Motor is offset by the continued growth in Brit Lite, which specialises in micro-SME commercial insurance, and now represents 14% of the UK portfolio
Continuation of the measured build-out of the Group’s overseas network with the establishment of a representative office in Australia to formalise the previous third-party relationship
Successful completion of the corporate reorganisation, with approximately £500m of the Group’s capital resources now held outside of the UK

Dane Douetil, Group CEO of Brit Insurance Holdings N.V. commented:

“Brit Insurance has made excellent progress during the first six months towards our stated goal of delivering upper quartile underwriting performance. This progress has been reflected in the improvement of our return on equity to 16.9% despite difficult underwriting and investment markets. Particularly pleasing has been the material improvement in our underlying claims ratio from 62.0% to 53.0% once the effect of large claims (Chile this year and Air France last year) has been removed. Our successful move to the Netherlands is already bearing fruit with a strong post tax result of £67.4m.

“Although Brit Insurance is well prepared for Solvency II the industry must guard against the direct and hidden costs of the ever increasing capital and regulatory burden in the post credit crunch world. Change is required but it must be relevant and proportionate. The economic outlook remains challenging but our established multi-product franchise, geographic spread and strong balance sheet position us well to outperform the market.”

Download the full statement

For further information, please contact

Brit Insurance Holdings N.V. +31 (0) 20 719 1100
Dane Douetil, Chief Executive Officer, Brit Insurance +44 (0) 20 7984 8500
Neil Manser, Head of Investor Relations, Brit Insurance +44 (0) 20 7098 6980
David Haggie/Peter Rigby/Juliet Tilley, Haggie Financial +44 (0) 20 7417 8989

Notes to Editors
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of over 70 classes of insurance and reinsurance offering worldwide protection. The scope is wide-ranging: from sole traders to the largest multinational corporations; from manufacturers to professional services; from shops to satellites. Our distribution model is centred on brokers and intermediaries. Reflecting where our customers trade, we are organised into three strategic business units – Global Markets, UK and Reinsurance – which have access to our underwriting platforms including Brit Insurance Limited and our Lloyd’s syndicate, Brit Syndicate 2987.