GWP up 10.5% to £1.12bn.
Brit Insurance has reported that gross written premiums for the nine months to 30 September 2008 have risen 10.5% to £1.12bn from £1.15bn the previous year.
However, overall insurance pricing for renewal business during the nine month period decreased by 1.9% (2007: 1.5%).
Brit's UK book saw gross written premiums increase by 14.9% to £262.1m, up from £228.1m the previous year. Brit said that new distribution relationships established over the last 18 months had increased property premiums. Motor premiums also increased, due both to growth in private motor and to rate increases. It added that premiums written through the regional network grew by 33% and now accounted for approximately 25% of total UK premiums.
Brit's Reinsurance reported a rise in gross written premiums to £245.4m from £226.1m in the previous year. The Lloyd's insurers global markets business saw premiums grow to £612.7m from £565.9m during the same period.
The group has estimated a $97m (£57m) loss from Hurricanes Gustav and Ike, net of reinsurance recoveries and reinstatement premiums. It added that the group made an investment loss of £11.8m in the first nine months of the year.
Dane Douetil, Brit's chief executive officer said: "We see a more positive rating outlook for 2009 than some months ago driven by the recent destruction of capital in the financial markets, the large potential market loss of Hurricane Ike, the financial difficulties of a number of insurers and the continuing erosion of insurance balance sheets from poor investment returns.
"Brit should be a net beneficiary from the likely increase in the syndication of insurance policies as insureds seek to mitigate counter party credit risk. This however has to be set against the backdrop of the general slow-down in the world-wide economy and the potential commensurate increase in claims activity that could follow.
“Brit Insurance is well positioned in its three markets of Reinsurance, Global Markets and the UK Regional Business to benefit from these general changes and with its expenses well controlled we are confident about our future.”
