Brit Insurance Holdings

The relatively modest technical result was largely due to a 76% fall in the underwriting profits of the reinsurance business

The UK based Brit Insurance Holdings, the investment and insurance underwriting group, increased its pre-tax profits by an impressive 32.1% from £77.6mn in 2003 to £102.5mn in 2004. This improved performance was largely due to two factors:a strong investment performance and a significant increase (27.3%) in the group’s net earned premium income which enabled Brit to absorb an equally significant increase in its claims, business acquisition and other underwriting related costs during 2004.