5th Oct 2005 13:18
BRIT Insurance Holdings PLC05 October 2005 REGULATORY RELEASE 5th October 2005 FOR IMMEDIATE RELEASE Brit Insurance Holdings PLC Dividend update The Board of Brit Insurance Holdings PLC ("Brit" or "the Group"), the UK generalinsurer, announces that it is continuing to review its capital structurenotwithstanding the recent exceptional catastrophe events in the insurancemarket. As commented at our interims we will be making a further announcementonce the review is completed which is expected to be after the CULS conversiondate of 31st October 2005 and before the year end. The dividend policy, which has been in force for approximately two years, is topay a dividend equal to at least 70% of Group post tax profits as measured underUK GAAP. The Board is fully prepared to pay an uncovered final dividend for2005 subject to the performance of the Group in the remainder of the year, theavailability of distributable reserves and regulatory consents. Brit intends tocreate further distributable reserves through a High Court Scheme as itsuccessfully did in 2004 so as to maximise its dividend paying capacity for thefuture. Brit Insurance Limited's financial strength ratings remain unchanged with stableoutlook from its two rating agencies. Dane Douetil, Group CEO of Brit, said "One of the benefits of a strong balancesheet is the capacity to reduce dividend volatility notwithstanding occasionalearnings fluctuation due to major insurance claims. Current circumstancespresent an exceptional opportunity for Brit and it is our view that premiumrates will improve in the short to medium term. Brit is in very good shape andwe look forward with confidence to the next phase of its growth in a hardeningmarket". For Further information Brit Insurance Holdings PLCDane Douetil 020 7984 8500 Haggie FinancialDavid Haggie/Peter Rigby 020 7417 8989 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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