12th Jan 2007 07:00
BRIT Insurance Holdings PLC12 January 2007 FOR IMMEDIATE RELEASE 12th January 2007 Brit Insurance Holdings PLC Disposal of stake in Epic Investment Partners Limited Brit Insurance Holdings PLC ('Brit Insurance'), the UK-domiciled internationalgeneral insurance and reinsurance group, announces that it has agreed finalterms for the sale of its stake in Epic Investment Partners Limited ('EIP') toSyndicate Asset Management plc ('SAM'). SAM will also acquire the other sharesin EIP from the other shareholders simultaneously. Completion is expected on 19January 2007. Under the terms agreed with SAM, Brit Insurance will derive initialconsideration of £4.4m, of which £1.3m is cash and the remaining £3.1m is 4-yearSAM loan notes, the redemption value of which would be reduced if revenuesderived by EIP from Brit Insurance over that period were to fall below currentlevels. In addition, there is deferred contingent consideration of up to £1.1mbased on the profitability of EIP in the three years post completion. The stakehad a carrying value in Brit Insurance's consolidated balance sheet of £1.1m.KPMG Corporate Finance advised Brit Insurance on the disposal. Brit Insurance CEO Dane Douetil said: 'At the time of our final results in March2006 we announced our willingness to dispose of our stake in EIP. We think thatEIP's prospects are better under separate ownership. Our working relationshipwith EIP remains strong and we look forward to continuing to work with them inthe future.' -Ends- Enquiries Dane Douetil, Brit Insurance Holdings PLC 020 7984 8500 Peter Rigby Haggie Financial 020 7417 8989 Notes to Editors Brit Insurance's underwriting operations comprise, principally, threecustomer-facing centres: UK, London Market and Reinsurance. All three haveaccess to the two regulatory vehicles through which Brit Insurance underwrites:UK insurance company, Brit Insurance Limited and Lloyd's syndicate 2987 which ismanaged by Brit Syndicates Limited. Brit Insurance has UK underwriting officesin London, Reading, Birmingham, Bristol, Glasgow, Leeds, Darlington, Ilford andManchester. www.britinsurance.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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