Professional liability insurer PRI Group has reported a pre-tax loss of £1.45m, as it revealed it is still considering Brit's takeover bid.
Announcing its 2002 full-year results, PRI said it generated £18.5m in gross premiums. In June 2002 it conducted a £130m share offering.
Despite the downturn, PRI claimed it has made a strong start to 2003 and expects conditions within the UK professional liability market to remain strong.
Regarding the all-share offer approach from Brit Insurance Holdings earlier this week, PRI said it is discussing the approach with its advisers and will communicate its decision "in due course".
Chief executive Andreas Loucaides said: "We have made a strong start to the year as premium rates, terms and conditions in our chosen lines of business continue to strengthen and we are well placed to take advantage of these conditions in 2003. As such, we face the future with confidence."
