Brit Insurance Holdings B.V. : Disposal


 
TIDM32OW 
 
Brit Insurance Holdings BV 
PRESS RELEASE 
FOR IMMEDIATE RELEASE 
 
3 April 2012 
 
                    brit insurance continues transformation 
               with sale of non-core regional UK business to QBE 
 
As  Brit Insurance continues  with its transformation  into a more focused major 
specialty  (re)insurer at Lloyd's and globally it has announced today that it is 
selling  its non-core  regional UK  business to  QBE Insurance  (Europe) Limited 
("QBE"). 
 
The  business being sold  is Brit Insurance's  UK regional business ("Brit UK"), 
managed  by Ray Cox. The transaction  will represent a business transfer whereby 
renewal  rights, operations  and assets  will be  acquired but  there will be no 
transfer  of historic business. All Brit  UK underwriting related employees will 
transfer to QBE on completion of the transaction. 
 
Brit  Insurance Limited,  our FSA  regulated insurance  company will be retained 
within  Brit Group  while we  undertake a  strategic review  of options  for its 
future.  Policies written by BIL will be retained and managed in accordance with 
the  agreed terms.   The Brit  Group will  retain all  business written  by Brit 
Global  Specialty,  our  specialty  underwriting franchise, including specialist 
liability  led by John  Murphy which will  be written by  Brit's Group syndicate 
2987. 
 
Mark Cloutier, Group CEO, Brit Insurance, said: 
"Ray  Cox has built  a great team  in the UK  Division and I'm very pleased that 
this  team has found a good  home with QBE. I am  also pleased that we have been 
able  to realise significant value  from this division for  the Group. Since the 
acquisition  of Brit by Achilles we have undertaken a significant reorganisation 
of  the business  to optimise  our capital  structure and improve performance to 
position  us for the  future. This transaction  builds on those developments and 
enables  us to increase our focus on establishing a leading position as a global 
specialty (re) insurance player." 
 
Matthew Wilson, CEO Brit Global Specialty, commented: 
"With  Brit Insurance's  major restructuring  behind us  we have  in Brit Global 
Specialty  a market  leading underwriting  platform with  significant scale from 
which  to develop an influential  presence at Lloyd's, in  the United States and 
internationally.  We are building  an integrated, more  cost efficient business, 
focused  on  underwriting  discipline  and  rigorous  capital  management with a 
clearer vision and brand identity in the market." 
 
For further information, please contact 
 
Mark   Cloutier,   Chief   Executive  Officer,  Brit  Insurance          +44 (0) 
20 7984 8500 
Tom  Burns / James  Olley, Brunswick                                        +44 
(0) 20 7404 5959 
 
Notes to Editors 
 
About Brit Insurance 
Brit Insurance is an international general insurance and reinsurance group 
specialising in commercial insurance. The Group writes a diverse portfolio of 
insurance and reinsurance, offering worldwide protection. The scope is wide- 
ranging: from small and medium sized traders to the largest multinational 
corporations. Our distribution model is centred on brokers and intermediaries. 
Brit Global Specialty, accesses our market leading Lloyd's of London Syndicate, 
Brit 2987. 
 
 
www.britinsurance.com 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Brit Insurance Holdings B.V. via Thomson Reuters ONE 
[HUG#1599844]

Brit 3.6757% (LSE:32OW)
過去株価チャート
から 5 2024 まで 6 2024