LONDON, July 31, 2003 (PRIMEZONE) -- Brit Insurance Holdings PLC ("Brit") (Other OTC:BTIHF) today announces the sale of its subsidiary company, Peoples Choice (Europe) Ltd ("Peoples Choice"), the telesales personal lines insurance broker, to Hastings Insurance Services Limited ("Hastings"). In 2002 the company's turnover was GBP11.4m, with a policy count of approximately 130,000 and over 400 employees. The sale involves the transfer of the entire company on an ongoing basis for cash consideration of GBP7.2m payable on completion.
Neil Eckert, Chief Executive of Brit said:
"With the announcement of our 2002 final results we stated that we would undertake a full review of our distribution businesses and in particular the strategic fit of Peoples Choice. The review determined that a sale represented the most appropriate course of action. We are experiencing strong growth in core business lines and continue to rationalise the business to concentrate on those areas that will form a key part of Brit's future."
David Gundlach, Managing Director of Hastings said:
"We are very pleased with the purchase of Peoples Choice. Peoples Choice is a perfect strategic fit with Hastings. Both companies are telesales distributors of personal lines insurance. Further, the addition of two new call centres in Manchester and Leicester gives Hastings the combination of broader regional coverage and a solid disaster recovery plan."
This information is provided by RNS The company news service from the London Stock Exchange