Brit Insurance: Gibraltar based reinsurer

Brit Insurance Holdings PLC ('Brit Insurance' or 'the Group') announces that it is to put in place a small team of senior underwriters to work in Gibraltar.
September 19, 2007

Subject to approvals they will develop the reinsurance business of a dedicated cell in a newly formed and independently owned protected cell company, to be known as Rockhampton Insurance PCC Limited.

Brit Insurance intends to use Rockhampton within its overall risk management framework to retain a selected part of the outwards reinsurance programmes of its two principal insurance operations, Brit Insurance Limited and Syndicate 2987. From 2008, it is intended that the cell will be offered the opportunity to participate in the Group's purchased quota share and excess of loss reinsurance programmes alongside its panel of external reinsurers and on equivalent terms.

The cell will be consolidated in the Group's financial statements. The expected impact on the Brit Insurance financial statements would be to retain premiums which have previously been placed in the market and to increase the Group's earnings per share over the medium term. Subject to performance and market conditions it is anticipated that Rockhampton's business and range of activities will expand over time.

Dane Douetil, Chief Executive Officer of Brit Insurance, commented:

"As mentioned in our interim statement, we have conducted a thorough review of our reinsurance purchasing programme. The conclusion was that, in the light of the increasing scale, diversity and maturity of our underwriting portfolio, there is scope to increase our retention of non-catastrophe risk without compromising our overall risk appetite and without the need for additional capital. Gibraltar is an attractive location with numerous advantages, including the availability of PCC legislation, EU licensing, a favourable taxation regime and good access to London. Rockhampton will become a valuable addition to our asset and liability management toolkit."

Enquiries

Dane Douetil, Chief Executive Officer
Carne Curgenven, Communications Director
Brit Insurance Holdings PLC
020 7984 8500

Peter Rigby, David Haggie or Juliet Tilley
Haggie Financial
020 7417 8989

Notes to Editors

Brit Insurance's operations principally comprise of three strategic business units: Brit Global Markets, Brit Reinsurance and Brit UK. All three have access to the two regulatory vehicles through which Brit Insurance underwrites: Brit Insurance Limited which is a UK FSA regulated insurance company and Lloyd's syndicate 2987 which is managed by Brit Syndicates Limited. Brit Insurance has UK underwriting offices in London, Reading, Birmingham, Bristol, Glasgow, Leeds, Darlington, Ilford and Manchester.
www.britinsurance.com

Back To News

Brit Insurance: Gibraltar based reinsurer

Brit Insurance Holdings PLC ('Brit Insurance' or 'the Group') announces that it is to put in place a small team of senior underwriters to work in Gibraltar.September 19, 2007

Brit Insurance Holdings PLC ('Brit Insurance' or 'the Group') announces that it is to put in place a small team of senior underwriters to work in Gibraltar.
September 19, 2007