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Daily Insurance Industry News
Thursday 15th of November 2018
October 22, 2008

Brit Insurance steers safely through credit crunch

by David Masters

Story link: Brit Insurance steers safely through credit crunch

Brit Insurance steers safely through credit crunch

UK-based non-life insurer and reinsurer Brit Insurance has reported its results for the third-quarter with gross premiums for the first nine months of the year up 10.5%.

Gross written premiums for the nine months up to 30th September were £1.12 billion, compared to £1.01 billion for the same period in 2007.

Return on investments fared less well, with a loss of £11.8 million compared to a profit of £97.4 million during the same period last year.

Third quarter investment losses are responsible for this negative return on investments; investment losses for the three months ending 30th September were £13.9 million.

Brit’s exposure to the collapsed Lehman Brothers bank was a key factor in this loss.

The company estimates pay outs for hurricanes Gustav and Ike to be close to $100 million, net of reinsurance recoveries and reinstatement premiums.

Chief executive Dane Douetil said the company expects a ‘more positive rating outlook’ for 2009.

He added that the company is ‘confident’ about its long term future as it has steered a relatively clear course through the current financial storm.

Brit expects to benefit by picking up custom from insurers that have struggled during the financial crisis.

 

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