Brit reports improved profit and COR
Brit Insurance has reported an operating profit of £113.6m for 2012, up from £68.4m in 2011, in the first full-year results since it divested its UK business.
The combined operating ratio improved to 93.2% from 99.6%.
However the insurer, which sold the renewal rights to its UK regional business to QBE in April 2012, reported a dip in gross written premium at £1.15bn for last year, compared with £1.18bn the year before.
The company made a £4.8m accounting loss on this sale, and a further £14.6m loss on the sale of its historic UK liabilities to RiverStone Group.
Mark Cloutier, group CEO at Brit, said that the restructuring of the company had
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