Brit Insurance said it has exercised its option to acquire the renewal rights to Creechurch's property portfolio.
Brit said it had exercised its option in respect of property insurance business which is expected to generate around £20m of gross premium income for 2004. It said the decision was made after a review of the entire portfolio.
Since 1 October, Brit has been providing capacity to allow Creechurch to continue to grow its UK property book, said the insurer. This arrangement will run until the end of 2003.
Brit said it was not assuming any liability in respect of business written prior to 1 October 2003, and added that it would administer the underwriting run-off of elements of the existing property business for an undisclosed fee.
