LONDON, Jan. 21, 2004 (PRIMEZONE) -- The Board of Brit Insurance Holdings PLC ("Brit") announces that it has initiated the process to effect a capital reorganisation. The success of this process will be subject to a number of conditions including the approval of the High Court and Brit's shareholders.
The nature of any such reorganisation would be to reduce the share premium account and to create distributable reserves. This would remove the technical impediments to the timing of the resumption of dividend payment for the 2004 year.
There will be an update when we announce our final results on 2 March 2004.
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