Brit Insurance has achieved contract certainty on over 75% of its January 1, 2006 outwards reinsurance placements.
The figure is as measured by the Market Reform Group's (MRG) definition and significantly exceeds the current target of 30%.
Brit said its high levels of contract certainty were reached despite extensive pre-renewal season uncertainty regarding market conditions, rates and counterparties in the aftermath of the most active hurricane season on record.
The company added that both a two year best practice programme designed to ensure the necessary quality of management information is available in a timely manner and the use of RI3K as the electronic marketplace, have been fundamental to its achievement.
Brit chief executive officer, Dane Douetil, said: “Now is not the time for complacency. Challenges will continue in 2006 and beyond and it is our job to be there to meet them. As a market we need to face up to our responsibilities to achieve contract certainty and we can only do this collectively.”
