Brit to redomicile in the Netherlands
Brit Insurance has announced it is set to redomicile in the Netherlands as it reported a drop of over £100m in pre-tax profits to £89.2m (2007: £191.2m).
Earnings per share more than halved to 21.5p (43.2p: 2007) and the combined ration deteriorated to 99.4% form 93.9% in 2007.Dane Douetil, CEO of Brit, said: "In a difficult year for insurance, our adherence to the principles of our strategy has led us to a strong result. Market conditions are improving further in most areas, our strong balance sheet and the subscription nature of much of our business are attractive to risk buyers and stand us in good stead for 2009."
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