BIL raises paid in capital by 115% to £150 MILLION - Capital has trebled in 3 years

Brit Insurance Holdings PLC is pleased to announce that it has increased the paid in share capital of Brit Insurance Ltd ("BIL"), its wholly owned insurance and reinsurance subsidiary, by £80m (US $124m) to £150m (US$232.5m).
October 28, 2002

This capital increase added to existing capital and reserves enables BIL to write in excess of £300 m of Gross Premium Income in 2003.

The book will be split between the following business lines:
Accident and Financial 15%
Reinsurance 13%
Casualty 24%
Motor 23%
Property 20%
Other 5%

Neil Eckert, Chief Executive of Brit Insurance Holdings PLC, said: "This substantial allocation of capital to BIL reflects the excellent market conditions in which our experienced underwriting teams are operating. BIL has performed exceptionally well over the past few years and we are delighted to support the team as they develop into a leading insurer, with highly rated paper and an exceptionally low combined ratio. This move also reinforces our ability to write in excess of 31 billion for 2003."

Contacts:
Neil Eckert, Brit Insurance Holdings PLC
020 7984 8511

David Haggie, Haggie Financial Ltd
020 7417 8989

Notes to Editors
BIL was formed in 1993 and acquired by Brit Insurance Holdings PLC in 1998.

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BIL raises paid in capital by 115% to £150 MILLION - Capital has trebled in 3 years

Brit Insurance Holdings PLC is pleased to announce that it has increased the paid in share capital of Brit Insurance Ltd ("BIL"), its wholly owned insurance and reinsurance subsidiary, by £80m (US $124m) to £150m (US$232.5m).October 28, 2002

Brit Insurance Holdings PLC is pleased to announce that it has increased the paid in share capital of Brit Insurance Ltd ("BIL"), its wholly owned insurance and reinsurance subsidiary, by £80m (US $124m) to £150m (US$232.5m).
October 28, 2002