Insurer's GWP up 6%
Brit Insurance said it is confident of meeting market expectations for 2008 as it continues to see an improvement in its motor classes and the bottom of the UK underwriting cycle.
The company said given the continued economic uncertainty and challenging investment market conditions, its global markets and reinsurance divisions are experiencing limited market downturn and increased competition.
The UK-domiciled international general insurer and reinsurer said its gross written premium rose 5.8 percent to 528.2 million pounds for the four months to end-April.
Brit said market premium rate development has been broadly in line with expectations with actual premium rate decreases on renewal business across the group of 2.2% at April 30, 2008.
It said overall claims activity has been in line with expectations.
