Offer Update

RNS Number:2792M
BRIT Insurance Holdings PLC
13 June 2003

Embargoed for release 7.00 am

                                                                    13 June 2003



This announcement is not for release, publication or distribution in or into or
from the United States, Canada, Australia or Japan.



                 Brit Insurance Holdings PLC and PRI Group plc

      Compulsory acquisition, application for cancellation of admission of

   PRI Group plc to trading on AIM and changes to the Board of PRI Group plc



Brit Insurance Holdings PLC ("Brit") refers to its announcement made on 23 May
2003 that its Offer for all of the issued and to be issued ordinary share
capital of PRI Group plc ("PRI") not already owned by Brit was declared
unconditional in all respects (subject only to Admission, which took place on 27
May 2003).  The Offer will remain open for acceptance until further notice.



As at 3.00 pm on 11 June 2003, valid acceptances of the Offer had been received
in respect of, in aggregate, 132,457,776 PRI Shares representing, in aggregate,
approximately 98.95 per cent of PRI's total issued share capital (and
approximately 99.56 per cent of PRI's total issued share capital which is the
subject of the Offer).



Prior to the making of the Offer, Brit held 811,215 ordinary shares in PRI
representing approximately 0.62 per cent of the total issued ordinary share
capital of PRI.  Therefore, Brit either owns or has received valid acceptances
under the Offer in respect of, in aggregate, 133,268,991 PRI Shares representing
approximately 99.56 per cent of PRI's total issued ordinary share capital.



Brit announces that, with effect from 12 June 2003, it shall exercise its rights
pursuant to the provisions of sections 428 to 430F (inclusive) of the Act to
acquire compulsorily the remaining PRI Shares to which the Offer relates.



Notice is also hereby given, in accordance with the requirements of Rule 39 of
the AIM Rules for Companies of the London Stock Exchange plc, that cancellation
of the admission of the PRI Shares to trading on the Alternative Investment
Market will take effect at close of business on 18 June 2003.



PRI Group plc also wishes to announce the appointment of Neil David Eckert,
Andrew Holland, Matthew Scales and Dane Jonathan Douetil as Directors of the
Company with effect from 12 June 2003.



Neil David Eckert

Neil is 41 years old. He became a reinsurance broker in 1980, joining Benfield
Lovick & Rees & Co Limited in 1986. In 1991, he joined the main board of
Benfield Group plc from which he resigned on 14 January 2000. He has been a
director of Brit Insurance Holdings PLC since its flotation in 1995 and was
appointed as Chief Executive Officer in 1999. He is Chairman (non-executive) of
Design Technology and Innovations Limited, a patenting and intellectual property
company

.



Andrew Holland

Andrew is 49 years old. He is a Fellow of the Chartered Association of Certified
Accountants and has worked in the Lloyd's market since 1975. He joined the Wren
group as managing director of Wren Syndicates Management in 1996 and was
appointed a director of Wren Holdings Group plc in 1996. He was formerly
managing director of Ockham Worldwide, Sturge Non-Marine, and Sturge Reinsurance
over the period 1991 to 1996. He was appointed a director and Chief Operating
Officer of Brit Insurance Holdings PLC on 2 August 1999.



Matthew Scales (Finance Director)

Matthew is 49 years old. He has been finance director of Brit Insurance Limited
since its establishment in 1993 and finance director of Brit Insurance Holdings
PLC since 30 November 1999. He is a Fellow of the Institute of Chartered
Accountants, and joined the C T Bowring Group in 1979, transferring within that
group to English & American Group in 1982. He was the finance director of
English & American Group plc (1991-1993). He also acted as group financial
controller of Benfield Group plc from February 1996 to March 1999.



Dane Jonathan Douetil (Executive Director - Underwriting)

Dane is 43 years old. He graduated in 1982 from Birmingham University with an
Honours Degree in commerce, joined the Willis Faber Group in 1982 and was
appointed executive director of the Political & Financial Risk Division in 1988.
He was a founding shareholder and director of Special Risk Services Limited from
January 1989 to 1994. Between 1994 and 1998 he acted as a consultant on the sale
of a number of mortgage operations, as well as acting as a risk consultant for
several financial institutions. He was appointed a full time consultant to
Benfield in July 1997 prior to joining Brit Insurance Limited in August 1998. He
was appointed chief executive of Brit Insurance Limited in December 1998 and
joined the board of Brit Insurance Holdings PLC on 30 November 1999. He was
appointed Chief Executive of Brit Syndicates Limited on 18 July 2002 and Head of
Underwriting for the Brit Group on 8 August 2002.



PRI Group PLC also announces that Gerry Aherne, Reg Brown and James Nelson have
resigned as directors of the Company with effect from 12 June 2003.



Terms defined in the Offer Document dated 1 May 2003 have the same respective
meanings in this announcement.



Enquiries:



Peter Goddard, Company Secretary
Brit Insurance Holdings PLC                             020 7984 8741

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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