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Brit Insurance records pre-tax loss of £8.7m

Brit Insurance recorded a pre-tax loss of £8.7m for the first six months to June, down from a profit of £49.9m for the same period last year.

The Lloyds of London underwriter says the massive swing from a profit to a loss was the result of a foreign exchange charge amounting to £94.5m.

Excluding the effect of the foreign exchange charge, pre-tax profits were £64.9m for the first six months to June, up 24.1 per cent from £52.3m for the same period last year.

Net income for the six months to June also swung from a profit of £37.6m last year to a loss of £6.3m this year.


FSA widens approved persons’ regime

The FSA is extending its approved persons’ regime to include director and non-executive director functions at parent and holding companies where their decisions are regularly taken into account by the governing body of a regulated firm.

IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


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