Brit Insurance
News review: December
A brief round-up of December's news.
Brit expands commercial motor team
Brit Insurance has appointed Gerry Ross as underwriter, commercial motor.
Video: Surviving the construction PI market in a recession
As the UK’s construction sector struggles to come to grips with the current recession, attention within the insurance industry has focused upon the professional indemnity (PI) exposures associated with construction and particular emphasis has been placed…
Markel makes three senior hires for MGA arm
Markel International has strengthened its new MGA (Managing General Agent) division with three senior appointments.
News round-up: Insurers
Brit has formally accepted an offer of £888m from Apollo Management and CVC Capital Partners. The deal if agreed by shareholders is £10.75 for each share plus a further 25p if targets are met.
Apollo-CVC offer accepted
Brit Insurance has agreed a cash offer from Apollo Management and CVC Capital partners in a deal valued at about £888m, which will result in shareholders receiving up to £11 a share.
Brit case could up timber premiums
Brit Insurance Holdings' £2.6m claim against Taylor Wimpey could be a catalyst for insurers increasing premiums and restrictions on timber frame cover.
Brit could be used as platform for acquisitions
A source close to the insurer bought earlier today, subject to shareholder approval, said purchases could be on the cards in the medium term
Brit reaches agreement at £888m with bidders
Insurer set to be sold to private equity houses
Brit confirms Vivek Banga as Tim Grant's replacement
Vivek Banga, currently UK distribution leader, small business and personal lines, is to take up the role of head of UK distribution with immediate effect.
Brit announces board appointments
Brit Insurance has announced the appointment of four new board directors to its two main underwriting platforms Brit Insurance and Brit Syndicates.
Dual confirms hire of Tim Grant
Dual Corporate Risks has confirmed its appointment of Tim Grant as head of e-business.
Brit recommends buyout deal to shareholders
Brit Insurance has moved a step closer to selling the business after revealing it expects to recommend a buyout offer by Apollo Management and CVC Capital Partners to its shareholders.
The PB Interview: Grahame Chilton: Global visibility
Andrew Tjaardstra meets Grahame Chilton, vice-chairman at Aon Group, who is relishing the company's sponsorship deal with Manchester United that astonished both the insurance and marketing worlds when it was announced last summer.
Brit planning to recommend offer from Apollo and CVC consortium
Brit Insurance has confirmed receiving a cash offer of £10.75 per share from a consortium formed by Apollo Management and CVC Capital Partners.
Bespoke classic car scheme unveiled
Independent insurance and financial services group Lucas Fettes has launched a new bespoke classic car scheme for the motor trade.
Further changes at Brit as distribution boss bids farewell
Brit Insurance's head of distribution Tim Grant is leaving to join Dual Corporate Risks, Insurance Age can reveal.
Brit Insurance boosts Glasgow operations
Brit Insurance has appointed Denise Fletcher and Karl Weidner to its Glasgow office. They join the property combined team, headed by Suzanne Sadahew, as underwriter and assistant underwriter respectively.
Brit loses distribution head Tim Grant
Brit Insurance's head of distribution Tim Grant is leaving to join Dual Corporate Risks, Insurance Age can reveal.
Ray Cox lands Brit CEO role ahead of Burrows retirement
Mr Cox will replace Peter Burrows as chief executive officer of its UK strategic business unit. The appointment is effective from 1 September 2010.
Lucas Fettes launches motor trade scheme for classic car market
Lucas Fettes has launched a new bespoke classic car scheme for the motor trade underwritten by Brit Insurance.
Brit nominates former Zurich chief for top financial role
Brit Insurance is set to appoint a new group chief financial officer to replace the departing Matthew Scales.
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.
Private equity house submits revised bid for Brit
The board of Brit Insurance Holdings has confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to be issued ordinary share capital of the company at a price of £10.75 per share in cash.