A.M. Best Places Brit Insurance Limited's Rating Under Review With Positive Implications.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 11, 2002 A.M. Best Co. has placed the A- (Excellent) financial strength rating of Brit Insurance Brit Insurance Holdings plc (LSE: BRE) is a London-based general insurance and reinsurance group. It is a member of the London Stock Exchange and a constituent of the FTSE 250 Index. Market capitalisation was over £850m as of mid-2005. Limited ('BIL') under review with positive implications. This action follows the recently announced increase in paid up share capital to GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 150 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 236 million) from GBP 70 million (USD 110 million), after a placing and open offer made by the parent company, Brit Insurance Holdings PLC. A.M. Best is still in discussions with BIL BIL Brother-In-Law BIL Billion BIL Bilateral BIL Band Interleaved by Line BIL Basic Impulse Level (electrical power switches) BIL Basic Insulation Level (IEC) to ascertain the level of growth planned before year-end 2002. In 2003 BIL intends to diversify by assuming established books of business from Syndicate 2987 and by developing new business and projects over GBP 300 million (USD 472 million) of gross premiums. The Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. has recently granted permission to write the additional business lines. The rating will be maintained under review with positive implications pending full analysis of the company's revised business plan and the implications for risk-adjusted capitalisation. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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