Brit restructure delivers as profits leap
Brit Insurance lifted profits more than five-fold to £45mn for the first half of 2012 as it benefited from low catastrophe activity and a swift restructuring undertaken by its new private equity owners Apollo and CVC.
The buy-out duo - which purchased Brit for £880mn last year - have slashed management and staff expenses, trimmed underlying claims costs and spun-off its UK commercial arm in the past 12 months.
The combined ratio came in at an impressive 93.3 percent compared...
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