Cloutier: Double Brit deal better for shareholders
The sale of Brit Insurance to run-off specialist Riverstone, two months after QBE acquired its renewal rights, sets up Brit Group to focus on developing its specialist and reinsurance operation and marks the "last major piece of restructuring", according to group chief executive Mark Cloutier.
The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2012.
Riverstone parent company Fairfax said that BIL's gross and net reserves were
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