BRIT Insurance Holdings PLC invests in new fund and new fund manager

BRiT Insurance and certain of its subsidiaries have entered into placing agreements to invest £20 million in The Equity Partnership Investment Company PLC ("EPIC") a newly established, closed end investment company (registered in the Isle of Man).
August 17, 2001


This was admitted to the Official List today. EPIC is an attractive investment to the BRiT Group because it constitutes admissible assets to support its insurance operations whilst offering potentially attractive returns.

The BRiT Group is expected, at the conclusion of the initial placing, to hold 44.99 per cent of the capital shares in EPIC (including warrants) and 21.52 per cent of the income shares. This includes funds held by syndicates managed by BRiT's subsidiary, Wren Syndicates Management Limited (as to £8.25 million) funds of BRiT Insurance Limited and from BRiT Group Funds at Lloyd's (through Masthead Insurance Underwriting Limited). The investment will represent 37.13 per cent of EPIC's expected total net asset value of £54 million following the initial placing, reducing to approximately 25.64 per cent of EPIC's expected net assets of £78 million at completion of the final placing on 21 September 2001.

EPIC will invest in a portfolio of quoted equities, bonds, structured fixed income products, unquoted equity investments and other investment funds. EPIC will be managed by The Equity Partnership Limited ("EPL"), in which BRiT Insurance Holdings PLC has acquired, for a nominal consideration, a 34.1 per cent interest. EPL is a newly formed fund management company which through its subsidiaries, will also structure and market innovative investment products and complementary financial services. Other shareholders in EPL include EPIC (29.9 per cent), Benfield Group Plc (20%) which is a substantial shareholder in BRiT and Jo Welman (10 per cent) who is Chairman of BRiT.

Neil Eckert, Chief Executive of BRiT, said: "As stated in the 2000 Annual Report, having specialist investment skills to complement our underwriting and distribution activities is one of the key targets for this year. I am delighted that we have invested in a resource attuned to our investment needs which will create additional shareholder value in its own right."

For further information, please contact:
BRiT
Neil Eckert
020 7984 8510

EPIC
Jo Welman
020 7984 8511

Haggie Financial
David Haggie
020 7417 8989
 
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