4th Dec 2007 07:01
Brit Insurance Holdings PLC04 December 2007 FOR IMMEDIATE RELEASE4 DECEMBER 2007 Brit Insurance Holdings PLC Launch of Norton Re II Retrocession Insurer Brit Insurance Holdings PLC ("Brit Insurance"), the UK-domiciled internationalgeneral insurance and reinsurance group, announces that it has signed contractsfor the launch of Norton Re II Insurance Limited ("Norton Re II"), a specialistBermuda-based reinsurance Company with US$118.2 million of capital. Norton Re II has received its licence from the Bermuda Monetary Authority andcompletion took place on 30 November 2007. Norton Re II will write catastropheretrocession business and effectively is the renewal of Norton Re, which waslaunched in late 2006 with capital of US$107.7 million. Continuing to use the underwriting expertise of Brit Insurance's underwritingservices operating from Hamilton, Bermuda, Norton Re II will participate in theupcoming renewal season for treaties incepting 1 January 2008. As a lead investor Brit Insurance subscribed US$20.0 million, giving it anoverall interest of 16.9% of the US$118.2 million capital. The remainder isowned by international institutional investors. HSBC Bank plc acted as adviser,structurer and placement agent. Dane Douetil, Chief Executive Officer of Brit Insurance, commented: "Norton Re II builds on the success of its predecessor Norton Re, which metdemand for cash collateralised retrocessional covers. We are delighted that themajority of the key investors have continued with Norton Re II whilst havingattracted a number of new investors for 2008. We expect market conditions toremain favourable. "This is a continuation of Brit Insurance's policy of using different butappropriate capital structures for underwriting business." -Ends- Enquiries Dane Douetil, Chief Executive OfficerCarne Curgenven, Communications DirectorBrit Insurance Holdings PLC 020 7984 8500 David Haggie/Peter Rigby,Haggie Financial 020 7417 8989 Notes to Editors Brit Insurance is a UK-domiciled international general insurance and reinsurancegroup. Its operations principally comprise three strategic business units: BritGlobal Markets, Brit Reinsurance and Brit UK. All three have access to the tworegulatory vehicles through which Brit Insurance underwrites: Brit InsuranceLimited which is a UK FSA regulated insurance company and Lloyd's syndicate 2987which is managed by Brit Syndicates Limited. Brit Insurance has UK underwritingoffices in London, Reading, Birmingham, Bristol, Glasgow, Leeds, Darlington,Ilford and Manchester. www.britinsurance.com The term "Retrocession" refers to the reinsurance of reinsurers. In the propertycatastrophe arena it is generally focused on multi-billion dollar exposure toloss or losses caused by natural perils. Norton Re will be offering fully collateralised policies and therefore will notrequire a rating from a rating agency. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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