Brit Insurance Ltd (BIL) has announced it has been granted permission by the FSA to conduct all forms of insurance and reinsurance business.
Brit Insurance Ltd (BIL) has announced that the FSA has granted it permission to conduct all forms of insurance and reinsurance business.
Dane Douetil, Head of Brit Group Underwriting, said: "BIL was a pure reinsurance company prior to its acquisition by Brit. Since then, we have improved our market share as well as diversifying into non-correlati ng direct classes of business and increasing the company's capitalisation threefold. At 30 June 2002 BIL posted a combined ratio of 67.7%.
"Our new-found ability to write the remaining classes of insurance and reinsurance business that BIL was not historically authorised to underwrite, coupled with the fact that BIL has no material liability tail, creates significant value for the group.
"Best's announcement that BIL is under review with positive implications is pleasing as they are clearly supportive of our growth strategy."
