Brit Insurance has announced that its CEO Dane Douetil will step down with effect from October 27 2011. Douetil will be succeeded, subject to FSA approval, by Mark Cloutier, who has recently been working as an advisor to Brit Insurance in developing the group’s future strategy.
Over time, Fitch will determine what implications this change in management will have for the future profile of Brit Insurance as well as any potential risks that may materialise as a result of the relatively short transition period.
Fitch will assess any change in strategy as part of its ongoing evaluation of the insurer’s credit quality, and will take appropriate rating action as necessary. The announcement follows the takeover of Brit Insurance on 9 March 2011 by Achilles Netherlands Holdings B.V, a holding company majority owned by funds managed by Apollo Management VII, L.P. and funds advised by CVC Capital Partners Ltd.
The group reported an overall profit before tax for H111 of GBP6.8m (H110: GBP77.5m).
The current ratings were affirmed on 28 September. The affirmations and Stable Outlook reflected the group’s solid financial profile, which was supported by a strong level of risk-adjusted capitalisation and strong underlying earnings.
Source : Fitch Ratings
