Brit Insurance profit falls 91pc

A £95.4m bill from catastrophes this year caused first-half profit at Brit Insurance to slump 91 per cent to just £6.8m, it said yesterday. Brit, which was reporting its first results since being bought by private equity funds Apollo and CVC, said it wrote £845.4m in gross premiums, 2.1 per cent more than in the same period last year.