Brit cuts UK private motor book by 60%
Brit Insurance revealed it has cut its UK private motor book by 60% as it reported a 10.8% drop in UK gross written premium to £210.1m for the first six months of 2010 (H1 2009: £235m), a 11.4% decrease at constant exchange rates.
Brit said the reduction is in part due to active underwriting portfolio management, adding that in the UK, as well as reducing its private motor book it has also exited from Local Authority (Municipal) business.
In a statement, Brit said: “In each of these classes the unit does not believe that it can generate a suitable return on capital across the insurance cycle. The division holds a leading role in micro-SME insurance market through its Brit Lite proposition and continues to see good
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