Brit Insurance ratings confirmed by Fitch

Brit Insurance Holdings has welcomed the decision by Fitch Ratings to confirm the “A+” Insurer Financial Strength rating for the Group’s principle insurance company subsidiary, Brit Insurance. In affirming the rating, Fitch acknowledges the company’s strong capital position, disciplined underwriting and prudent reserves. Also noted is recognition that the group has only grown its portfolio where conditions allow and that there is a good level of diversification. Conditions in the UK market have been challenging and reflecting this, Fitch has moved the rating’s outlook from stable to negative.

Dane Douetil, chief executive of the Group, commented: “We are pleased that, for the fifth consecutive year, Fitch has confirmed BIL’s rating at A+. At this stage in the cycle it is perhaps not surprising that outlooks are changing though we look forward to moving to a stable outlook as our UK franchise starts to deliver benefits in the coming years.”