Brit has become the latest insurance group to raise capital ahead of an expected rise in premiums next year.

The group said a sale of some £150m in lower tier-two long-term subordinated debt had been "substantially oversubscribed".

Dane Douetil, chief executive, Brit said: "The £150m that we have raised will allow us to grow our London Market and UK operations into the rapidly improving market conditions, whilst increasing earnings per share and our return on equity".

Brit added that aside from "taking advantage of growth opportunities", the proceeds will also be used to plug a hole in its pension fund, and to pay down a previous bond
issue.

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