Update for shareholders

RNS Number:0427K
PRI Group PLC
15 April 2003

FOR IMMEDIATE RELEASE


                                 PRI GROUP PLC
                            ("PRI" or the "Company")


Not for release, publication or distribution in or into or from the United
States, Canada, Australia or Japan.


Update for shareholders


The Board of PRI ("the Board") wishes to update its shareholders in relation to
the all share offer that it has received from Brit Insurance Holdings PLC 
("Brit") which currently values each PRI share at approximately 113 pence 
(see Note 1) compared to the value of each PRI share of 112 pence on 25 March 
2003 (see Note 2).


Since the announcement by PRI on 2 April 2003, the Board has had discussions
with a number of potentially interested parties to assess their interest and
ability to make a higher competing offer for PRI.


One of these parties has confirmed in writing to PRI that it is considering
making an offer for the entire issued share capital of PRI at a premium to the
current offer by Brit.  This party has stated a number of pre-conditions which
would need to be satisfied before it would be willing to make such an offer.
This party has indicated that should these pre-conditions be satisfied (which
both the Board and this party believe they are capable of so being), and it
decides to proceed with an offer, it will be in a position to announce such an
offer by no later than Friday 25 April 2003.


The Board believes that this potential competing offer could:


* Provide better value for PRI shareholders, valuing PRI at a
  premium to the current all share offer by Brit; and

* Represent a more compelling strategic combination than that
  proposed by Brit.


The Board continues to want to ensure that all approaches (including the offer
by Brit) are given full consideration and recognises the need to resolve the
matter as soon as possible.


Against that background, PRI shareholders are advised to continue to take no
action in respect of the offer by Brit.

                                    - ends -


For further information, please contact:

PRI Group plc

James Nelson                                                    020 7090 1200

Lexicon Partners

Angus Winther                                                   020 7743 6330

Weber Shandwick Square Mile

Susan Ellis                                                     020 7067 0700


Note 1: Based on the closing middle-market price for Brit shares of 66.5 pence
on 14 April 2003 (the last dealing day prior to the date of this announcement).
The current value of Brit's offer per PRI share of approximately 113 pence
compares with the value of Brit's offer per PRI share of approximately 120 pence
based on the closing middle-market price for Brit shares on 8 April 2003 (the
last dealing day prior to the announcement of the offer by Brit).


Note 2: Based on the closing middle-market price for PRI shares on 25 March 2003
being the last dealing day before the announcement by Brit on 26 March 2003 of a
possible offer for PRI.


The directors of PRI Group plc accept responsibility for the information
contained in this announcement.  To the best of the knowledge and belief of such
directors (having taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.


Lexicon Partners Limited ("Lexicon"), which is regulated in the United Kingdom
by the Financial Services Authority, is acting as financial adviser to PRI Group
plc and no other party in connection with the offer.  Lexicon will not regard
any persons other than PRI Group plc as its client in relation to the offer and,
accordingly, Lexicon will not be responsible to anyone other than PRI Group plc
for providing protections afforded to clients of Lexicon or for providing advice
in relation to the offer.

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