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3 years ago
Fitch Affirms Brit Insurance Holdings BV at 'BBB+'; Withdraws Rating
November 20, 2014 / 10:33 AM / 3 years ago

Fitch Affirms Brit Insurance Holdings BV at 'BBB+'; Withdraws Rating

(The following statement was released by the rating agency) LONDON, November 20 (Fitch) Fitch Ratings has affirmed Brit Insurance Holdings BV's (BIH) Issuer Default Rating (IDR) at BBB+ with a Stable Outlook and withdrawn the rating. KEY RATING DRIVERS Fitch has withdrawn the rating because BIH is no longer the issuer of debt for the Brit PLC group (Brit; IDR: BBB+/Stable) and hence the entity is no longer relevant to Fitch's coverage. Brit's other ratings are unaffected. The ratings reflect Brit's solid financial profile, which is supported by strong risk-adjusted capitalisation and underlying earnings. The group reported an overall profit after tax for 1H14 of GBP56.6m (1H13: GBP69.0m). The reported combined ratio, excluding FX effects, at 1H14 was 88.3% (1H13: 86.2%), aided by a continued benign catastrophe environment. Contact: Primary Analyst Graham Coutts Associate Director +44 20 3530 1654 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Anna Bender Associate Director +44 20 3530 1671 Committee Chairperson Chris Waterman Managing Director +44 20 3530 1168 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com. Applicable criteria, 'Insurance Rating Methodology' dated 4 September 2014, are available on www.fitchratings.com. Applicable Criteria and Related Research: Insurance Rating Methodology here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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