Brit eyes offshore cat arm after storms ravage profits
After a devastating year of storms in 2005, Brit Insurance Holdings is to significantly reduce its c...
After a devastating year of storms in 2005, Brit Insurance Holdings is to significantly reduce its catastrophe risk this year.
The storms, notably Hurricane Katrina, blew a hole in its profits, and the insurer's board has decided to steer away its premiums from such risky territory. It aims to make a reduction of: 96% in catastrophe retrocessional exposure by 1 July; 33% in property reinsurance exposure; 30% in US direct property; and, 40% in energy offshore exposure.
The insurer is investigating
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