Brit Insurance's profits up 11% in 2012
Posted On: Feb. 28, 2013 12:00 AM CSTGeneral insurer and reinsurer Brit Insurance Holdings B.V.'s profits after tax rose 11.45% year-on-year to £84.7 million ($137.6 million) in 2012, despite losses from Superstorm Sandy, reports City A.M.
The insurer's combined ratio fell from 99.6% in 2011 to 93.2% in 2012. In 2012, the insurer sold its consumer-facing U.K. division to QBE Insurance Group Ltd. in order to become a specialist insurer and reinsurer in the London market.