Group premium income forecasts and updated syndicate quarterly results forecast at 30 September 2002

Brit Insurance Holdings PLC is pleased to announce premium income forecasts for the 2003 year of account for all its underwriting activities.
November 28, 2002


These show strong projected growth across classes written by the Group with an overall total that exceeds £1 billion for the first time.

Group Estimated Gross Written Premium ("GWP") For Lloyd's and Non-Lloyd's

2003% 2003£m 2002% 2002£m
Property & Casualty 39.5 400 26.3 184
Marine, Aviation, Transport & Space 24.6 250 29.8 208
Reinsurance 18.7 190 21.7 152
Motor and Personal Lines 13.3 135 19.7 138
Structured Legal & Financial Risks 3.9 40 2.5 18

Total GWP written within the 100 1015 100 700
Group

Brit's economic interest 880 535

(Qualifying Quota Share subject to Lloyd's approval)
(All amounts gross of brokerage as at 25 November 2002)
Brit Insurance Holdings PLC also announces updated 2000 and 2001 year of account syndicate forecasts at 30 September 2002. Set out below is a table summarising the updated forecasts for Brit managed syndicates:

2000 Year
Syndicate 250
Capacity £000s 50,304
Current forecast range (17.5) - (22.5)
% of capacity
Previous forecast range (12.5) - (17.5)
% of capacity
Brit % participation 28.41

Syndicate 389
Capacity £000s 7,622
Current forecast range 2.5 - 7.5
% of capacity
Previous forecast range 2.5 - 7.5
% of capacity
Brit % participation 94.84

Syndicate 429
Capacity £000s 7,472
Current forecast range 17.5 - 22.5
% of capacity
Previous forecast range 20.0 - 25.0
% of capacity
Brit % participation -

Syndicate 735
Capacity £000s 85,086
Current forecast range (10.0) - (15.0)
% of capacity
Previous forecast range (10.0) - (15.0)
% of capacity
Brit % participation 48.72

Syndicate 800
Capacity £000s 62,371
Current forecast range (15.0) - (20.0)
% of capacity
Previous forecast range (15.0) - (20.0)
% of capacity
Brit % participation 47.38

Syndicate 1202
Capacity £000s 51,549
Current forecast range 7.5 - 12.5
% of capacity
Previous forecast range 7.5 - 12.5
% of capacity
Brit % participation 72.52

2001 year
Syndicate 250
Capacity £000s 99,872
Current forecast range (35.0) - (42.5)
% of capacity
Previous forecast range (30.0) - (40.0)
% of capacity
Brit % participation 46.03

Syndicate 389
Capacity £000s 7,633
Current forecast range (22.5) - (27.5)
% of capacity
Previous forecast range (22.5) - (27.5)
% of capacity
Brit % participation 100.00

Syndicate 429
Capacity £000s 7,943
Current forecast range (5.0) - (10.0)
% of capacity
Previous forecast range (2.5) - (7.5)
% of capacity
Brit % participation -

Syndicate 735
Capacity £000s 74,986
Current forecast range (60.0) - (70.0)
% of capacity
Previous forecast range (60.0) - (70.0)
% of capacity
Brit % participation 93.32

Syndicate 800
Capacity £000s 62,470
Current forecast range (2.5) - (7.5)
% of capacity
Previous forecast range (2.5) - (7.5)
% of capacity
Brit % participation 54.82

Syndicate 1202
Capacity £000s 69,949
Current forecast range 9.0 - 14.0
% of capacity
Previous forecast range 9.0 - 14.0
% of capacity
Brit % participation 76.79

The returns shown above are after charging names' personal expenses but before deduction of members' agents' charges.

US Terror Attacks
The net loss reserved of $134 million by the Group in relation to the US Terror Attack remains substantially unchanged from previous figures reported. Paid claims currently account for 16.2% of the gross reserve and 21% of the incurred position, the incurred position is 74% of the gross reserve. The Group's gross IBNR (incurred but not reported) is therefore 26%.

Neil Eckert, Chief Executive Officer of Brit Insurance Holdings PLC said: "Market rates continue to improve in most sectors. Following our recent successful fundraising, I believe that Brit is exceptionally well positioned to take full advantage of the best market conditions we have seen."

Contact Details:

Neil Eckert, Chief Executive of Brit Insurance Holdings PLC
020 7984 8511

Dane Douetil, Chief Executive of Brit Syndicates Limited
020 7984 8803

David Haggie, Haggie Financial
020 7417 8989
 
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