Brit Insurance Holdings B.V. : Disposal
18 June 2012 - 4:00PM
UK Regulatory
TIDM32OW
Brit Insurance Holdings BV
PRESS RELEASE
FOR IMMEDIATE RELEASE
18 June, 2012
brit GROUP COMPLETES transformation
with sale of Brit Insurance limited to riverstone
Brit Group today announces that it has agreed the sale of Brit Insurance Limited
(BIL) its FSA regulated insurance company, to RiverStone Group.
With the sale of BIL, Brit Group is now positioned to focus on its strategic
objective of being a global speciality (re)insurer underwriting on its Lloyd's
platform, as Brit Global Specialty.
The transaction, which will require customary regulatory approvals, is expected
to complete in the fourth quarter of 2012. As a result of the transaction, Brit
Group will retain the liabilities and claims handling for certain business
currently within BIL which relate to the Group's ongoing core business now being
written into Brit's Lloyd's syndicate 2987.
For the period to completion of this transaction, Brit Group is committed to
maintaining capital levels in BIL equivalent to those held prior to this
announcement, which support the rating of A- from A.M. Best and A from
Fitch. As stated in previous communications Brit Group's intention is to
underwrite all current and future business into its Lloyd's syndicate 2987 which
benefits from Lloyd's A rating from A.M. Best and A+ rating from Fitch and
Standard & Poors.
Mark Cloutier, Group CEO, Brit Insurance, said:
"The sale of BIL is a significant milestone in our journey to restructure our
capital base and to establish a leading position as a focused global specialty
underwriter. We have undertaken a significant reorganisation of the group over
the last year, and following the transfer of Brit's UK regional business to QBE
in April; this transaction allows us to focus on growing our core global
specialty business through our Lloyd's platform, as Brit Global Specialty.
Furthermore, we are pleased with the outcome of our restructuring efforts
whereby through the combination of this transaction and the earlier QBE deal we
have realised a meaningful premium to book value for BIL and our UK Division.
RiverStone, a member of the Fairfax group have built a strong franchise and have
an excellent reputation for managing the run-off of (re)insurance companies
responsibly, so I am confident that this is the right home for the legacy
liabilities of the UK business."
ENDS
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
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
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