Brit Insurance Holdings has issued $15m of loan notes of a new pooled debt facility.
Brit said the facility was designed to qualify as regulatory insurance capital under new European-wide financial guidelines due to be implemented in 2005.
The notes will be listed in the Irish Stock Exchange.
Chief financial officer Matthew Scales said the issue tested an innovative way for a UK insurance company to raise long-term finance in anticipation of the changing requirements for regulatory capital.
“This gives us the potential for additional flexibility at a time when our ongoing policy is to return cash to our shareholders,” he said.
