November 2000 Auction Results

BRIT Insurance Holdings PLC is pleased to announce the outcome of its trading in this year’s syndicate auctions.
November 7,2000


BRIT Insurance Holdings PLC is pleased to announce the outcome of its trading in this year’s syndicate auctions.
Highlights are:
The completion of the disposal programme of all third party syndicate underwriting
The realisation of a profit on disposal of £2.4 million which will directly impact the company’s 2nd half year result
Participations on our own managed syndicates are now as follows:
BRIT'S UNDERWRITING ON OWN MANAGED SYNDICATES200020012000% of Stamp2001% of StampMarine 735 (Shone)41,454,69169,978,82549%93%Non Marine 250 (Finn)14,288,64855,134,02528%55%Motor 1202 (Sams)37,382,85853,715,43972%77%Aviation 800 (Clapham)29,554,26534,294,27147%55%Life 389 (Allen)7,229,2257,633,07595%100%129,909,687220,755,63550%70%
We are also pleased to announce that the 20% capital loading for Syndicate 735’s underwriting has now been lifted following an appeal.
Neil Eckert, Chief Executive, said “this year’s auction trading has seen substantial progress towards our desired underwriting model. At the interim results we announced our intention to form a composite syndicate for the 2002 year of account subject to regulatory and capital provider approval. Following the disposal of third party capacity, we have concentrated our Lloyd’s underwriting exposure behind our own managed operations”.
 
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