Aquisition of renewal rights

RNS Number:7190S
BRIT Insurance Holdings PLC
02 December 2003

PRESS RELEASE
02 December 2003
For immediate release

                          Brit Insurance Holdings PLC

Completion of acquisition of renewal rights to the property insurance portfolio
                  of Creechurch Holdings Limited (Creechurch)


Following its announcement on 6 October, 2003, Brit Insurance Limited ("Brit"),
a subsidiary of Brit Insurance Holdings PLC, the UK general insurance group, has
exercised its option to acquire the renewal rights to the property portfolio of
Creechurch.


Highlights:


* Having reviewed the overall portfolio, Brit has exercised its option
in respect of property insurance business expected to generate some #20m of
Gross Premium Income for 2004.

* As of October 1 Brit has been providing the necessary capacity to
allow Creechurch to continue to build its UK property book. This arrangement
will run until the end of 2003.

* Brit is not assuming any liability in respect of business written
prior to October 1, 2003.

* Brit will administer the underwriting run-off of elements of the
existing property business for a fee.


The acquisition is an excellent strategic fit for Brit which is building its
presence in the UK commercial insurance market and in particular the Small and
Medium sized Enterprises (SME) sector. Reflecting this, during the past twelve
months Brit has also significantly increased its involvement in this market in
casualty, professional indemnity and motor fleet classes.


Dane Douetil, Chief Executive of Brit's underwriting operations said:


"Once again this acquisition will enable us to expand into a target area without
assuming past liability and, as we stated in October, is further evidence of our
determination to take full advantage of the excellent underwriting conditions
that exist in the UK SME markets. We are also delighted to be welcoming a team
of specialist underwriters and support staff from Creechurch, led by the senior
underwriter of Creechurch's UK commercial property account, Jon Bartlett."


Ends


Contact:

Dane Douetil, Brit Insurance Holdings PLC                   020 7984 8500
David Haggie / Peter Rigby, Haggie Financial                020 7417 8989


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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