Jo Welman has been appointed the executive chairman of BRIT Insurance Holdings following the resignation of the previous chairman, John Coldman, due to Lloyd's regulations.

The move follows BRIT's acquisition of Lloyd's managing agency, Wren, in July 1999 when BRIT Insurance Holdings relisted itself from an investment company to an insurance company.

BRIT had previously bought and renamed company market insurer BRIT Insurance from the Benfield Greig Group, whose chairman is Coldman.

The Lloyd's Act prohibits Coldman from remaining chairman of BRIT at the same time as being chairman of the Lloyd's broker.

Benfield Greig continues to hold a 15% share of BRIT Insurance.

Welman said the company was successfully evolving from an investment trust into a high quality insurance company, boosted for the first time by improving conditions for specialist classes of insurance.

"Wren's aviation and motor businesses will achieve some of the best results within the sectors in the Lloyd's market, and BRIT Insurance, having traded through the two worst years for catastrophe reinsurance in the past decade with relatively strong results, is now achieving substantial premium growth."

BRIT Insurance Holdings owns 100% of Wren and the company also has shareholdings in Wellington, Kiln, Chaucer, Amlin and SVB.