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LONDONBrit Insurance Holdings P.L.C. announced that rates for London market business and reinsurance have been stable or have seen slight decreases in the first quarter of 2007.
In a statement ahead of its annual general meeting Tuesday, London-based Brit said that rates for U.K. insurance business had continued to soften during the first three months of 2007.
"The overall outlook remains positive, though market conditions remain challenging in the United Kingdom, with the overall trend towards a softening market," the insurer said in a statement. "Brit Insurance maintains its strategic targets, but will not pursue growth at the expense of profitability and shareholder value," it added.