LONDON, Sept. 1, 2004 (PRIMEZONE) -- Brit Insurance Limited ("BIL") the FSA regulated insurance subsidiary of Brit Insurance Holdings plc is pleased to announce that it has successfully participated in and completed the Individual Capital Adequacy Standards ("ICAS") pilot study with the FSA. The ICAS regime comes into force at the end of this year (please see note at the end of this announcement).
The ICAS framework consists of a review of an insurance company's capital requirement, which is underpinned by its own Individual Capital Adequacy ("ICA") submission.
In August 2004 the FSA reviewed BIL's ICA assessment and we have received the FSA's indicative Individual Capital Guidance (ICG) which we believe sets our capital requirements at an appropriate level.
Dane Douetil, Chief Executive of Brit Insurance Limited, said:
"We believe that BIL is one of the first insurance companies in the UK to have successfully completed the ICAS study with the FSA. We started building our own ICA capital model some two and a half years ago and have developed its parameters over this time.
We decided to build our capital model in-house as we believe it gives us a better in-depth understanding of those risks to which our business is exposed including underwriting, asset, reserving, liquidity, credit, and operational elements. In addition we opted to use PricewaterhouseCoopers as a peer reviewer throughout the process who gave us valuable third party oversight.
Brit has positioned itself as being at the forefront of risk knowledge and future capital requirement management, which we believe will be a source of competitive advantage in the future."
Note:
For further information on the Individual Capital Adequacy Standards ("ICAS") please go to the FSA website at www.fsa.gov.uk. Choose "Publications" from the menu on the left of the screen and enter "CP190" into "Search Publications"
This information is provided by RNS
The company news service from the London Stock Exchange