The U.K.’s Brit Insurance Holdings PLC (BIH), announced a very solid first half of 2004. Operating profits were up 6 percent to 拢41 million ($72.7 million), compared to 拢38 million ($67.5 million) for the same period of 2003. The insurer’s combined ratio for the period was 86.9 percent.
Brit, which operates both in the Lloyd’s market and separately, sold its mortgage lending unit and closed its life insurance fund to new business last year to raise additional capital, and seems to have made good use of it. The Group’s interim profit before tax was 拢52.5 million ($93 million), compared to 拢31 million ($55 million) for the first half of 2003. Underwriting profits increased by 92.2 percent to 拢80.8 million ($143 million), compared to 拢42 million (74.5 million) as of June 30, 2003.
Commenting on the result, A.M. Best Co. said that all of Brit’s issuer credit rating (ICR) of “bbb” and all debt ratings “remain unaffected following today’s publication of the company’s consolidated results for the six months ending 30 June 2004.
The financial strength rating of “A “(Excellent) and the ICR of “a” of Brit Insurance Limited (BIL), the Group’s insurance company subsidiary, also remain unaffected.
“The results for the first six months of the year fell within A.M. Best’s expectations,” said Best, citing its press release of 16 August 2004 on Brit. Best also indicated that it “continues to discuss the impact of catastrophes on BIH and BIL in the second half of the year, particularly the impact of the most recent major event, Hurricane Frances.”
Was this article valuable?
Here are more articles you may enjoy.
More Americans Are Moving Away From Flood Risk Than Toward It 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
PE-Backed Insurance Broker Hub International Files Confidentially for US IPO 
