LONDON--Insurance company Brit PLC (BRIT.LN) Tuesday reported a
rise in gross written premiums for the first quarter, and said that
it has signed a agreement with QBE Underwriting Limited to acquire
the renewal rights to their London-based dedicated Lloyd's Aviation
business.
MAIN FACTS:
-As part of the agreement, all QBE's London-based aviation
underwriting and claims staff will transfer to Brit.
-Brit will begin writing renewals of the assumed business into
Syndicate 2987 on completion, expected to be on June 1.
-Gross written premium for the three months ended March 31
amounted to 336.5 million pounds, compared with GBP332.6 million in
the year ago period.
-Claims experience in line with expectations and no major loss
events.
-Had immaterial exposure to the Malaysian Airlines MH 370 and
Korean Ferry losses.
-Investment return for the period of GBP28.6 million versus
GBP24.3 million.
-Continued development of U.S. operations, with Brit Global
Specialty U.S.A (BGSU) premiums of $35 million, up 69% over the
same period in 2013.
-Shares on Monday closed at 226 pence, valuing the company at
GBP904 million.
-Write to Tapan Panchal at tapan.panchal@wsj.com
Access Investor Kit for QBE Insurance Group Ltd.
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