LONDON, Oct. 21, 2003 (PRIMEZONE) -- Brit Insurance Holdings PLC (Other OTC:BTIHF) -- Plans for 2004:
Following the approval of the 2004 underwriting business plan by the Board of Brit Insurance Holdings ("Brit") and its subsequent filing with Lloyd's, the highlights are set out below :
- Brit is forecasting a 2004 gross premium income of GBP1.3bn, up 21% on the expected 2003 total of GBP1.05bn, and continued strong market conditions.
- Brit's U.K. SME business is forecast to grow by over 40% in gross premium income to GBP430m from GBP300m in 2003 creating a leading force in U.K. general insurance.
- Continued recruitment of key teams and underwriters and the pursuit of the strategic acquisition of renewal portfolios will enhance growth prospects without inheriting legacy liabilities.
- Brit's ability to retain acquired renewal rights, as evidenced by the successful outcome of the Gerling and Markel motor portfolios, will contribute to growth. Brit is currently pursuing renewal rights to various other portfolios, including the Creechurch property insurance portfolio which is expected to generate in the region of GBP40m of gross premium income for 2004.
- The casualty department is expected to employ 32 underwriters by the beginning of 2004 compared with the 21 employed at the beginning of 2003 and projected gross written premium for 2003 is ahead of budget.
- If analysts' consensus forecasts are met, dividend payment should resume following the publication of Brit's 2004 final results. From financial year 2004, dividend policy will be to pay a minimum dividend of 70% of annual post tax profit, subject to available distributable reserves.
Neil Eckert, CEO of Brit Insurance Holdings PLC, said: "We are excited by the business prospects outlined in our 2004 business plan. We continue to meet our operational targets during exceptionally favourable market conditions. The Board has further clarified Brit's dividend policy which demonstrates our commitment to returning value to shareholders as soon as possible."
This information is provided by RNS
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