Brit to Acquire QBE's Lloyd's Aviation Business

LONDON--Insurance company Brit PLC (BRIT.LN) Tuesday reported a rise in gross written premiums for the first quarter, and said that it has signed a agreement with QBE Underwriting Limited to acquire the renewal rights to their London-based dedicated Lloyd's Aviation business.

MAIN FACTS:

-As part of the agreement, all QBE's London-based aviation underwriting and claims staff will transfer to Brit.

-Brit will begin writing renewals of the assumed business into Syndicate 2987 on completion, expected to be on June 1.

-Gross written premium for the three months ended March 31 amounted to 336.5 million pounds, compared with GBP332.6 million in the year ago period.

-Claims experience in line with expectations and no major loss events.

-Had immaterial exposure to the Malaysian Airlines MH 370 and Korean Ferry losses.

-Investment return for the period of GBP28.6 million versus GBP24.3 million.

-Continued development of U.S. operations, with Brit Global Specialty U.S.A (BGSU) premiums of $35 million, up 69% over the same period in 2013.

-Shares on Monday closed at 226 pence, valuing the company at GBP904 million.

-Write to Tapan Panchal at [e-mail]

Access Investor Kit for QBE Insurance Group Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=AU000000QBE9

Access Investor Kit for QBE Insurance Group Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=A591&isin=US74728G6052

Subscribe to WSJ: http://online.wsj.com?mod=djnwires