Brit Insurance Holdings PLC backs new underwriting agency Augsburg Re

Brit Insurance Holdings PLC ("BRIT"), through its underwriting subsidiary Brit Syndicates Limited, has granted a binding authority to Augsburger Rück Kontor GmbH ("Augsburg Re")
December 20, 2002

This enables it to underwrite aviation non-proportional reinsurance for and on behalf of Syndicate 2987. It is estimated that Augsburg Re will write £30 million of premium income during 2003.

Klaus Gierstner, CEO and underwriter for Augsburg Re, is a respected underwriter with many years' experience in the aviation reinsurance industry. He is joined by Simon Cloney who has 18 years' experience in the insurance industry and has focused on aviation reinsurance over the last 5 years.

Dane Douetil, CEO of Brit Syndicates Limited, said: "This particular market segment appears to be short of capacity. We are pleased to support Klaus Gierstner as our response to this opportunity."

Please see Augsburg Re's press release which is attached. This gives further details of the transaction.

Contact details:

Dane Douetil, CEO Brit Syndicates Limited
020 7984 8500

Simon Clapham, Active Underwriter, Syndicate 2987
020 7984 8551

David Haggie, Haggie Financial
020 7417 8989

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Brit Insurance Holdings PLC backs new underwriting agency Augsburg Re

Brit Insurance Holdings PLC ("BRIT"), through its underwriting subsidiary Brit Syndicates Limited, has granted a binding authority to Augsburger Rück Kontor GmbH ("Augsburg Re")December 20, 2002

Brit Insurance Holdings PLC ("BRIT"), through its underwriting subsidiary Brit Syndicates Limited, has granted a binding authority to Augsburger Rück Kontor GmbH ("Augsburg Re")
December 20, 2002