Placings and Open Offers

Result of Placing and Open Offers
December 14,2001

RNS Number:7604O
BRIT Insurance Holdings PLC
14 December 2001

FOR IMMEDIATE RELEASE FRIDAY 14 DECEMBER 2001
Not for release, publication or distribution in the USA, Canada, Japan or
Austalia or their respective territories or possessions.

BRiT INSURANCE HOLDINGS PLC
('Brit' or 'the Company')
PLACINGS AND OPEN OFFERS
On 23 November 2001, the Company announced placings and open offers of
180,683,054 new ordinary shares of 25 pence each in the Company ('New Ordinary
Shares') at 64 pence per share ('Ordinary Placing and Open Offer') and of
45,170,763 units of 8.5 per cent. convertible unsecured loan stock 2008 of #1
nominal per loan stock unit ('Loan Stock') at 100 pence per unit ('Loan Stock
Placing and Open Offer').
Under the Loan Stock Placing, Numis Securities Limited conditionally placed #
42,420,763 nominal of the Loan Stock and Collins Stewart Limited conditionally
placed #2,750,000 nominal of the Loan Stock, in each case subject to clawback
to satisfy valid applications made by qualifying shareholders under the Loan
Stock Open Offers. Under the Ordinary Placing, Numis conditionally placed
65,000,000 of the New Ordinary Shares and Collins Stewart conditionally placed
115,683,054 New Ordinary Shares, in each case subject to clawback to satisfy
valid applications made by qualifying shareholders under the Ordinary Open
Offer.
An extraordinary general meeting of the Company has been convened for 10.00am
on Monday 17 December 2001 (the 'EGM'), to consider, inter alia, resolutions
to approve the placings and open offers.
The Company announces that the open offers closed today at 3.00pm. Under the
Loan Stock Open Offer, valid acceptances have been received from shareholders
in respect of 8,965,471 nominal of the Loan Stock. Under the Share Open Offer,
valid acceptances have been received from shareholders in respect of
71,799,158 New Ordinary Shares. The placings and open offers remain
conditional, inter alia, upon their approval by shareholders at the EGM.
Application has been made to the UK Listing Authority for the New Ordinary
Shares and the Loan Stock to be admitted to the Official List of the UK
Listing Authority and to the London Stock Exchange plc for the New Ordinary
Shares and the Loan Stock to be admitted to trading on the London Stock
Exchange.
Numis Securities Limited, which is regulated by the Financial Services
Authority, has approved publication of this document for the purposes of
section 21 of the Financial Services and Markets Act 2000.
Enquiries
BRiT Insurance Holdings PLC
Neil Eckert, Chief Executive
Tel 020 7984 8500

Haggie Financial
David Haggie
Tel 020 7417 8989

Numis Securities Limited
Oliver Hemsley Tel 020 7776 1500
Charles Crick
Simon Charles

END

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Placings and Open Offers

Result of Placing and Open OffersDecember 14,2001

Result of Placing and Open Offers
December 14,2001