14th Nov 2005 07:02
BRIT Insurance Holdings PLC14 November 2005 REGULATORY RELEASE 14 November 2005 RELEASED 7am Brit Insurance Holdings PLC Hurricane Wilma estimate Brit Insurance Holdings PLC ("Brit" or "the Group"), the UK-based internationalgeneral insurer and reinsurer, announces that claims arising from HurricaneWilma, net of reinsurance recoveries and reinstatements, are an estimated£37.5m. The Group's estimate of claims arising from Hurricanes Katrina(including New Orleans Flood), Rita and Wilma, net of reinsurance recoveries andreinstatements, is £182.5m. The financial strength ratings of the Group's principal subsidiary, BritInsurance Limited, remain "A+" (Strong) with Fitch and "A" (Excellent) with A MBest, in each case with Stable Outlook. Brit confirms that it remains fully prepared to pay an uncovered final dividendfor 2005 subject to the performance of the Group in the remainder of the year.Absent further exceptional claims or other unforeseen circumstances, Britexpects to remain in profit for 2005. Dane Douetil, Chief Executive Officer, stated: "Brit believes that the premium rating environment will improve in most of itsbusiness classes and significantly in those classes most directly affected bythe catastrophe losses. We will therefore use the hardening market conditionsto continue to grow our business particularly in non-correlating classes and ourUK operations. During the course of 2006, we will reduce our peak zonecatastrophe exposures to further Brit's stated policy of reducing volatility inits earnings. The current market conditions will allow us to utilise morefully our strong balance sheet thereby increasing the return on equity for ourshareholders." -Ends- 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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