Brit result 'shocking'

By Richard Banks, London

BRIT Insurance Holdings, which yesterday announced a loss on ordinary activities for 2001 of £114.5m ($166m), described its results for the year as "truly shocking", writes Richard Banks, London. Even without the effects of the terror attacks on the US, for which Brit has set aside £90.5m, 2001 would have ben a disappointing year, according to the group’s chairman Jo Welman.