Brit P.L.C. cites pressures from continued rate decreases during 2014

The premium rating environment remains variable and challenging for some lines of business, London-based specialty insurer and reinsurer Brit P.L.C. said in its interim management statement Wednesday.

Brit said that, overall, rates across its portfolio for the first nine months of 2014 fell by 3.0% at Sept. 30 from the comparable period last year.

This reduction largely was caused by rate decreases of an average 7.5% for reinsurance business that was driven by an overall 10.6% rate reduction for property treaty reinsurance business, the company said in the statement.

“Whilst the direction of rates continues to be a focus, overall, premiums adequacy remains satisfactory, and Brit continues to develop its book in classes and territories where more attractive margins are achievable, with particular focus currently on U.S. property binders and our U.S. specialty business,” it said in the statement?.

Brit said that for the first nine months of the year it posted gross written premiums of £990.7 million ($1.57 billion), up 4.9% from the comparable period last year.