Brit premium rates up 1.8 percent

Brit Insurance has reported a 1.8 percent increase in premium rates for 2011, in comparison with a 1 percent increase in 2010.

Despite this, overall gross written premiums were down from $1,530 million in 2010 to $1,489 million in 2011. However, the group posted a profit of $76 million, including $0.2 million of tax income.

“Brit delivered a solid result in 2011 against a weak market, while at the same time making good progress in our efforts to reposition the group for the future,” said Mark Cloutier, group chief executive officer of Brit Insurance.