Delisting and Director Changes

 
TIDMBRE 
 
10 March 2011 
 
 
 
        Brit Insurance Holdings N.V. ("Brit Insurance" or the "Company") 
 
                         DELISTING AND DIRECTOR CHANGES 
 
 
Delisting 
 
Following  the announcement made on 9 March 2011 that the recommended cash offer 
by  Achilles  Netherlands  Holdings  B.V.  ("Achilles")  for Brit Insurance (the 
"Offer")  has been declared  wholly unconditional, the  Company confirms that it 
has  made application to the UK Listing  Authority and the London Stock Exchange 
to  cancel the admission to  trading of the Brit  Insurance Shares on the London 
Stock  Exchange's market  for listed  securities and  to cancel the admission to 
listing  of such securities on the UK  Listing Authority's Official List.  It is 
anticipated  that  such  cancellation  will  take  effect  at 8.00 am on 7 April 
2011.  Accordingly  the last day of dealings in Brit Insurance Shares will be 6 
April 2011. 
 
The  cancellation of the admission to trading  of the Brit Insurance Shares will 
significantly  reduce  the  liquidity  and  marketability  of any Brit Insurance 
Shares  not assented to the  Offer at that time  and Brit Insurance shareholders 
should  be  aware  that  there  may  be  no  future  market  for  Brit Insurance 
shareholders to realise their investment in Brit Insurance. 
 
Director changes 
 
As  set out in  the offer document  issued by Achilles  on 23 November 2010 (the 
"Offer   Document"),  two  of  the  existing  non-executive  directors  of  Brit 
Insurance,  being Joe MacHale and Cees  Schrauwers, have resigned with immediate 
effect as a consequence of the Offer being declared wholly unconditional. 
 
In  addition, the  Company announces  the appointment  of Jonathan Feuer, Sachin 
Khajuria,  Gernot  Lohr,  Sanjay  Patel,  Peter  Rutland and Kamil Salame as new 
members  of the board  of directors of  the Company with  immediate effect, such 
appointments  having been approved at the Brit Insurance General Meeting held on 
17 December 2010.  Save as disclosed below, none of the new members of the board 
of  directors hold, nor have at any time  within the previous five years held, a 
directorship with a publicly quoted company. 
 
Mr Feuer's previous directorships (within the last five years) are listed below: 
 
Previous Directorships 
Debenhams Plc 
 
Mr Salame's previous directorships (within the last five years) are listed 
below: 
 
Previous Directorships 
Aspen Insurance Holdings 
Montpelier Re 
 
Other than as expressly set out in this announcement, capitalised terms used in 
this announcement shall have the meaning given to them in the Offer Document. 
 
 
 
 
 
 
 
 
Enquiries: 
 
Haggie Financial, for Brit Insurance 
Tel: [phone] 
Peter Rigby 
 
Rubenstein Associates, for Apollo 
Tel: [phone] 
Charles Zehren 
 
Brunswick Group, for CVC 
Tel: [phone] 
Carole Cable 
 
Further information 
 
Achilles  is a company  formed on behalf  of funds managed  by Apollo Management 
VII, L.P. and funds advised by CVC Capital Partners Limited. 
 
This    announcement   will   be   available   on   Brit   Insurance's   website 
(http://investor.britinsurance.com/phoenix.zhtml?c=133807&p=irol- 
disclaimer100610) by no later than 12 noon (London time) on 11 March 2011. 
 
This announcement does not constitute, and must not be construed as, an offer to 
sell  or  an  invitation  to  purchase  or  subscribe  for any securities or the 
solicitation  of an offer to purchase  or subscribe for any securities, pursuant 
to the Offer or otherwise. The full terms and conditions of the Offer, including 
details of how the Offer may be accepted, are set out in the Offer Document. 
 
The  release,  publication  or  distribution  of  this  announcement  in certain 
jurisdictions may be affected by the laws of relevant jurisdictions. Persons who 
are subject to the laws of any jurisdiction other than the United Kingdom or the 
Netherlands  or are not resident  in the United Kingdom  or the Netherlands will 
need  to inform themselves about, and observe, any applicable requirements. This 
announcement  has been  prepared for  the purpose  of complying with English and 
Dutch  law and the information disclosed may not be the same as that which would 
have  been prepared  in accordance  with the  laws of  jurisdictions outside the 
United Kingdom and the Netherlands. 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Brit Insurance Holdings N.V.  via Thomson Reuters ONE 
 
[HUG#1496066]