Brit Insurance Holdings has agreed outline terms to acquire the renewal rights to the property book of Creechurch from the end of 2003. The deal includes commercial combined business.
Creechurch's property portfolio is expected to generate in excess of £40m of gross premium income for 2004.
Under the arrangement, Brit will provide 100% of Creechurch's property capacity until the end of 2003 to allow it to continue to build its property book.
Brit said it will not assume liability for any business written before the end of 2003, but in the event it takes up the option, it will administer the run-off of existing business for a fee.
Brit said the SME commercial insurance market was a particular target for the company, and the Creechurch property portfolio was therefore a good strategic fit with the company's plans for expansion.
