Brit's half-year results this week were overshadowed by news that Apollo Global Management had increased its indicative offer for the company to 1,075p a share, a move that has convinced Brit's management to allow Apollo access to the books.
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The results look good, too. Brit reported a solidly profitable 96.5 per cent combined ratio (of claims to premiums) and a 1.1 per cent premium rate increase during the period. Meanwhile, the investment book, which remains focused on safe bonds and cash, managed a 1.6 per cent investment return in the half - reasonable enough in today's ultra-low interest rate environment.
