Brit has announced that it has acquired the final 2% of capacity on Syndicate 2987 at a cost of £1.5m.

Announcing the move at its EGM, the insurer also announced the acquisition of the renewal rights to a £17 million account from Gerling.

Brit now owns 100% of both its main underwriting vehicles, Brit Insurance Limited and Syndicate 2987. Brit acquired its Syndicate's capacity at a cost of 3.4 pence per £1 of capacity.

Chief Executive Neil Eckert said: "We are delighted by the support shown by our shareholders. Being able to write
£1bn in 2003 puts us in an excellent position to benefit fully from this exciting rating environment".

This income base together with its accompanying team places the Group motor business as one of the leading businesses in the London market.

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