Brit Insurance Holdings wants to restyle itself as a general insurer outside the Lloyd's market, according to a report.
The group already has an insurance company operating outside Lloyd's which provides motor, household and other insurance. This business accounted for less than 20% of Brit's gross premium income in the first six months of 2003, the report said.
According to the report, Brit plans to move more of its underwriting outside Lloyd's, and estimates that non-Lloyd's business will represent roughly 40% of its premium income in the second half of 2003. The report said Brit plans to balance the two businesses equally thereafter.
In the report, Brit chairman Clive Coates said: "We want to get this company reclassified as a general insurer. That is our peer group. The Lloyd's peer group operates on a more leveraged model that we do not favour."
He added: "That is not designed to be a comment on Lloyd's. The Lloyd's market has had a renaissance. This is a comment of Brit Insurance."
