Lloyd's underwriting group Brit Insurance Holdings has acquired the remaining 70% shareholding of Brit Insurance, writes Mike Cooper.

The shareholding was purchased from Benfield Greig Group (BG), which has been issued with 14.7% of Brit's share capital.

John Coldman and Grahame Chilton, chairman and chief executive respectively of BG, have resigned as non-executive directors of Brit Insurance, as BG no longer has an interest in the company.

Dane Douetil, chief executive of Brit Insurance, said: "The completion of the acquisition of BIH by Brit means we will now have timely access to increased capital and underwriting resources, at what we believe to be the start of the hardening of the insurance market."

Neil Eckert, chief executive of BIH, said: "The completion of the acquisition of Brit Insurance allows us to fully integrate Brit Insurance into our emerging insurance group, alongside Wren our existing Lloyd's business."