BRIT Insurance Holdings PLC Completes the Acquisition of BRIT Insurance Limited

PRESS RELEASE
BRIT INSURANCE HOLDINGS PLC
November 17, 1999


Date 16/11/99
BRIT INSURANCE HOLDINGS PLC COMPLETES THE ACQUISITION OF BRIT INSURANCE LIMITED

BRIT Insurance Holdings PLC (“BRIT”), the insurance underwriting group with Lloyd’s and non-Lloyd’s interests, today announces the completion of the acquisition, from Benfield Greig Group Plc (“BG”), of the remaining 70.01% share of BRIT Insurance Limited that it does not already own.
The consideration includes the issue of 30,479,798 shares in BRIT to BG, as a result of which BG will hold in aggregate approximately14.7% of BRIT’s share capital.
Following completion BG will therefore no longer be directly interested in the share capital of BRIT Insurance Limited and John Coldman and Grahame Chilton (Chairman and Chief Executive respectively of BG) have resigned as Non-Executive Directors of BRIT Insurance Limited.
Completion is subject to the admission of the consideration shares to the official list of the London Stock Exchange becoming effective. Dealings are expected to commence at the opening of business on 17 November 1999.
Neil Eckert (Chief Executive of BRIT) has been appointed a Non-Executive Director of BRIT Insurance and Dane Douetil (Chief Executive) and Matthew Scales (Finance Director) of BRIT Insurance join the board of BRIT Insurance Holdings PLC.
Neil Eckert, Chief Executive of BRIT said:
“The completion of the acquisition of BRIT Insurance Limited allows us to fully integrate BRIT Insurance into our emerging insurance group, alongside Wren our existing Lloyds business. BRIT Insurance has achieved significant steps forward since we took a 29.9% stake. These include the award of a A.M. Best A- rating and the extension of their licence to include Financial Risks. Their customer base and intermediary base have shown strong growth. .”
Dane Douetil, Chief Executive of BRIT Insurance Limited said:
“The completion of the acquisition of BRIT Insurance by BRIT, means we will now have timely access to increased capital and underwriting resources, at what we believe to be the start of the hardening of the insurance market cycle.”

For further information, please contact:
Neil Eckert, BRIT Insurance Holdings PLC 0171-578 7000
Dane Douetil, BRIT Insurance Limited 0171-578 7469
David Haggie, Haggie Financial Limited 0171-417 8989
 
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