Brit Insurance Share Discussion Threads

[crawford] 09/12/2009 10:26

Itchy,
have to say, I agree with you. Let's hope the downside here is limited, that yield surely should support the stock.

[itchycrack] 09/12/2009 10:03

I think its across the board crawford rather than just BRE related. If you look at the charts of so many stocks now they all appear to be rolling over. Having said that I beleive alot has to do with the muppet we have in government and the Markets not liking what Mr Darling is going to say in todays PBR. Brown and Darling are destroying this country in the name of politics just to limit the size of their defeat next May. If they ever were to win the FTSE would implode alongside our credit rating. The next 6 months are going to seem like eternity...

[crawford] 09/12/2009 09:53

Anybody any ideas about the fall?

[crawford] 19/11/2009 09:18

CHU update looks good this morning.

[essentialinvestor] 18/11/2009 18:33

"Chart also near the bottom"
On what basis do you form that view?.

Put my Dad into these a couple of months back,
he is happy with the great yeild and is in lower down.

[barrygibb] 18/11/2009 18:17

Well this is a screaming buy - very good yield
and the chart also says near bottom.

Should go north from here

BG

[bloodsports] 18/11/2009 11:08

Interesting posts-thanks

[harry rags] 16/11/2009 11:55

Effortless Cool

Thanks fo the info

Harry

[hamnavoe] 15/11/2009 11:36

have you got to pay stamp duty
when buying these shares ? tia.

[effortless cool] 13/11/2009 14:24

Harry,

It's not the Dutch tax rate that matters.

"Dutch companies pay no additional tax on the majority of overseas earnings and enjoy a pragmatic regime dealing with income arising overseas".

This sentence from the recent announcement is key. Profits will be made offshore in low tax regimes and imported into Holland where the tax treatment will be "pragmatic".

The announcement indicates that Brit expect to achieve tax parity with those of their peer group that have redomiciled. That would suggest 10%-15%.

EC

[harry rags] 13/11/2009 11:48

anyone know the rate in Holland compared to the UK?

[jonak] 13/11/2009 00:58

Off to Holland, to lower the corporate tax rate.....

[itchycrack] 09/11/2009 09:42

From a charting perspective (current triangulation pattern) I think we are on the verge of a significant breakout here (IMHO).

[crawford] 09/11/2009 09:05

Investors Chronicle Share Tips Nov 8
INVESTORS CHRONICLE

Oil Shares:
Tullow -- Desire Petroleum -- Gulf Keystone -- BP -- Rockhopper Exploration -- Cairn Energy

Share Tips of the week:

Buy Brit Insurance at 210p
Buy Group NBT at 309p
Buy Asia Citrus at 37.75p
Buy Terrace Hill at 17p

[crawford] 30/10/2009 11:01

I'm topping up at these levels, brokers are too conservative IMO:

MORGAN STANLEY STARTS BRIT WITH UNDERWEIGHT RATING; PRICE TARGET OF 239P

[jtcod] 23/10/2009 13:11

Maybe I just see the world from a different perspective but those Peel Hunt and RBS updates sound so short term to me. If they only consider value based upon short term considerations, why on earth are they employed covering the insurance sector?

[itchycrack] 23/10/2009 12:51

The price is now right at the top of the downtrend channel drawn from the last 262p high. Really need a decisive move above 220p here to break the down trend (IMHO, DYOR etc).

[simon gordon] 23/10/2009 12:46

Alphaville - 23/10/09:

KBC Peel Hunt

Brit's Q3 IMS has largely met our expectations, the exception being investment returns which were boosted by strong mark-tomarket gains. Nevertheless, the investment return achieved will be unsustainable into 2010 with spread compression having largely run its course in the corporate bond portfolio. Concerns over the extent of growth in the UK commercial lines business and the capacity for this to come back and bite Brit in future periods remain and we would continue to recommend a switch to Beazley.

220p Price Target. Reflecting an increased Return on Net Tangible Assets (RoNTA) of 10.2% in 2009E, our cross-cycle RoNTA increases to 11.7% (previously 11.0%), suggesting a valuation multiple of 0.85x. Combined with a revised NTA of 259p, our new price target is 220p, implying 3% upside. With the stock trading in line with our fair value target we would recommend a switch to Beazley where we view the intermediate prospects to be much brighter. Beazley also offers similar yield attractions (6.8% vs. 7.2% for Brit).

RBS

Brit released a broadly positive 3Q IMS (to 30/9) and, as we expected, flagged the boost to FY09 from strong investment returns and no major catastrophe losses (to date). It also refers to ongoing rate increases in the UK – which it needs to drive the shares forward.

The UK market remains competitive – no real turn before 2011? Having spent time an effort building its UK SME division, Brit needs rates to harden to show whether the wait was worth it. However, the UK remains competitive and Brit is only seeing "slight" rate increases to date, albeit it expects this to continue into 2010. We think it could easily be another 12 months away and see this IMS as underpinning the shares, rather than driving a rerating.

[jtcod] 23/10/2009 10:57

I think there are going to be some significant broker upgrades guys.

The pre tax Analyst Consensus for 2009 is just £58.06m and that's from a good cover of 9 brokers.

[crawford] 23/10/2009 08:34

Great update.

[luthier] 23/10/2009 08:27

BRIT INSURANCE HOLDINGS PLC


INTERIM MANAGEMENT STATEMENT


Brit Insurance Holdings PLC ("Brit Insurance" or "the Group"), the international
general insurance and reinsurance group, releases the following Interim
Management Statement and trading update as required by the UK Listing
Authority's Disclosure and Transparency rules, relating to the 42 week period
from 1 January 2009 to 22 October 2009.


Summary


* Gross written premium up 19.0% to GBP1,334.4m for the nine month period (the
period) ended 30 September 2009 (30 September 2008: GBP1,121.6m), an increase of
4.7% at constant exchange rates.
* Average premium rate increase on renewal business for the period of 4.8% (30
September 2008: decrease of 1.9%)
* Constant currency premium growth during the period of 17.8% in Brit Reinsurance
and 26.4% in Brit UK reflects improving pricing and positive movements in prior
year premium estimates for both SBUs and additionally for Brit UK, distribution
successes. An 8.4% reduction in premium written at constant currency in Brit
Global Markets is a result of continued active management of the underwriting
portfolio and the non-renewal of business that no longer meets the Group's
required return on capital.
* No significant catastrophes in the third quarter and movements in prior year
claims reserves in line with expectations.
* Investment return for the period of GBP119.8m, a non-annualised return of 3.6%
(30 September 2008: loss of GBP11.8m and -0.4%)



Dane Douetil, Chief Executive Officer of Brit Insurance Holdings PLC, said:


"There has been a continued focus on portfolio management during the quarter and
our decision to grow the catastrophe book whilst rebalancing the Global Markets
business is beginning to bring tangible benefits. The UK business continues to
make steady progress benefiting from a slight rate tailwind and the increased
penetration that comes with becoming an established carrier. Our investments
have had a further good quarter but returns are likely to be muted in 2010 owing
to narrower credit spreads and the low level of yield available from government
securities.


"As we look towards 2010 the rating environment for the Reinsurance and Global
Markets divisions is finely poised and we remain alert to the opportunities and
threats this will bring. The direction of the UK market is more clearly positive
with further rate improvement undoubtedly required to address certain areas of
inadequate pricing. With a diversified underwriting platform already
established, the Group is well placed to manage its way successfully through an
ever-changing insurance market."

[simon gordon] 22/10/2009 10:49

Trading Update tomorrow, Numis are bullish but KBC are bearish. Seemingly a couple of underwirters left last week, Brit have told the analysts nothing material has changed.

[essentialinvestor] 20/10/2009 22:32

Simon I meant to post that on your thread btw - its been a long day.

[simon gordon] 20/10/2009 22:25

EI,

I've had KFX on my radar for a couple of years. You've prompted me to look again, cheers! Have a good look at SQS, I think they are good for at least 50% in 2010.