Brit Insurance Holdings said it expected to resume dividend payments in 2004, should analysts' forecasts be met. It said from 2004, its dividend policy would be to pay a minimum of 70% of annual post tax profit.
Brit outlined its plans for 2004, and said it forecast gross premium income of £1.3bn for the year, a 21% increase on the expected 2003 total of £1.05bn. Brit said it expected strong market conditions to continue next year.
The company forecast that its SME business would grow by more than 40% in gross premium income, up from £300m in 2003 to £430m.
Brit said it would continue recruitment of key teams and underwriters. The casualty department is expected to employ 32 underwriters by the beginning of 2004, compared with 21 at the start of 2003.
It said the acquisition of renewal rights was contributing to the company's growth. Brit said it is pursuing the Creechurch property insurance portfolio which is expected to generate around £40m of gross premium income for 2004.
