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Quarterly update

Quarterly update. 14 th November 2007. Changes in Market conditions Positioning Stepping down as MRG chairman. Market updates. Territory mix Group placement mix Tail mix. Territory Mix 2007. 45%. 40%. 35%. Group – Placement Mix 2007. 30%. 25%. % Gross Net Premium Income. 50%.

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Quarterly update

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  1. Quarterly update 14th November 2007

  2. Changes in Market conditions Positioning Stepping down as MRG chairman Market updates

  3. Territory mix Group placement mix Tail mix Territory Mix 2007 45% 40% 35% Group – Placement Mix 2007 30% 25% % Gross Net Premium Income 50% 20% 15% 45% 10% 5% 40% UK Europe Rest of world 0% USA 35% Tail Mix 2007 30% % Gross Net Premium Income 25% 50% 20% 45% 15% 40% 10% % Gross Net Premium Income 35% 30% 5% 25% 0% Direct & Facultative Binding Lineslip Prop. XL Treaty Stop Loss Other 20% Authority Treaty 15% 10% 5% 0% Short Tail Medium Tail Long Tail Underwriting analysis

  4. Business plans finalised Cycle management Key highlights Costs Market Trends for 2008 Group Business Planning

  5. GWP per Full Time Employee (FTE) GWP per FTE of Underwriting staff Operating Expense per FTE Average total staff cost per FTE Operating Expense per FTE 600,000 500,000 400,000 Average total staff cost per FTE 300,000 350,000 £ Operating expense per FTE 200,000 300,000 100,000 250,000 0 Admiral Amlin Beazley Brit Catlin Chaucer Hiscox Kiln Lancashire R&SA 200,000 £ Salary per FTE Gross Written Premium per FTE Gross Written Premium per FTE of Underwriting 150,000 6,000,000 staff 100,000 7,000,000 5,000,000 50,000 6,000,000 4,000,000 5,000,000 0 Admiral Amlin Beazley Brit Chaucer Hiscox Kiln Lancashire Munich Re R&SA 3,000,000 4,000,000 3,000,000 2,000,000 2,000,000 1,000,000 1,000,000 0 Admiral Amlin Beazley Brit Catlin Chaucer Hiscox Kiln Lancashire Munich Re R&SA 0 Admiral Amlin Beazley Brit Chaucer Hiscox Kiln Benchmark Analysis

  6. Global Markets

  7. Profitability holding up well On target for 2007 premium growth 2008 business plans Key tactics for our success Underwriting core skill of risk selection broker relationship management Global Markets Still in great shape to meet challenging times ahead

  8. Branding Pre-PLUS party Not all Limeysare the same… Claims – leading edge  Relatively benign claims season Ongoing analysis of exposure to Sub Prime/Credit Crunch Operations Coverholder Servicing Binder management e-Trading and eSettlement Global Markets

  9. Brit Reinsurance

  10. Brit Reinsurance • January Renewal Season now upon us • Financial Year to date in line with Plan • 2008 Business Plans • Similar business mix for coming year • Electronic trading is now a reality! Satisfactory margins in the face of increasing competition

  11. Branding Introducing advertising in Reinsurance, The Review, Reactions Claims – key differentiator 2007 relatively benign Catastrophe year Operations Increased broker participation into eTrading Risk Commoditisation Brit Reinsurance

  12. Brit UK

  13. Continued underwriting discipline whilst positioning for profitable growth Finessing our approach to selecting our broker partners for the future Brit UK Building on the past for the future

  14. Brit UK

  15. Claims June/ July UK floods Refining UK claims offering Product Development Product launches, CCV4 flagship product Improvements to BUKS: Product Builder & Thunderhead Brit fleet risk management e-Trading Operations Risk aggregations All trading areas now open Reading office Brit UK A strong partner with integrity and innovation

  16. ECF - working towards in scope ECF Claims Attention being given to the Global Strategy - Implementation of international claims hubs Bob Foster contributing to the Lloyd's Market Strategic Review Brit contributing to Lloyd’s review - moving towards segmentation Group Claims Brit is at the forefront of Lloyd’s redesign

  17. Contract Certainty • Still a challenge • Pre-Bind Quality Assurance • Be proactive! Contract Certainty levels in certain classes significantly below the self – certification results

  18. Group update

  19. Corporate Governance

  20. Sub-Committees

  21. Insurance Day Awards – CpRS finalist 4-hour business disaster recovery time Move to Camomile St Brit RM (Relationship Management) Sharepoint IMS reporting Group update

  22. YTD Headcount 2007 850 800 Join Leave Net 124 750 (99) 25 Q3 '07 700 723 1 Jan 07 698 650 +4% 600 550 500 People focus • Changes in headcount • Only 202 Get a Life claims in so far! • Professional qualifications • Best Companies 69% response rate so far

  23. Performance review season has started! Reviews Review objectives, performance measures and agree on a performance standard for 2007 Objectives Setting SMARTER objectives for 2008 The completed documentation needs to be in by January 2008. Performance Reviews

  24. Objectives Consolidate and reinforce awareness and perceptions amongst intermediaries Build awareness of Brit brand amongst end customers (insured) Strategy Continue insurance sector marketing campaign approach commenced this year Sponsorship Cricket – Building on our successful partnerships Non sports Continue to consider brand position in overseas territories Building our brand

  25. 31% increase of coverage in Trade Media. 96% Positive and Neutral sentiment in articles Media Relations

  26. Achievements so far Brit Joins the FTSE4Good UK Index £ 20,000 raised by employees so far 100 tons of material recycled reducing our energy consumption Sponsored emergency vehicles Volunteering opportunities – 2 days per year Corporate Social Responsibility

  27. Corporate activity

  28. Share Price (re-based to 100) 120 Brit Share Price Vs FTSE 250 and Sector (last 12 months) 115 110 105 100 95 90 FTSE 350 Insurance FTSE 250 Brit 85 01/11/2006 01/02/2007 01/05/2007 01/08/2007 01/11/2007

  29. Rockhampton Norton investment opportunity being reviewed for renewal into 2008 Ratings re-affirmed Corporate activity

  30. We are well positioned for: Potential slowdown in world economy Increased volatility Softening rates Broker selection and development is key to success Remaining at forefront of market e-initiatives In Summary Innovation and teamwork

  31. Q&As

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