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Pretax profit fell to 49.9 million pounds (62.5 million euros) from 106.8 million pounds in the first half of 2007. Gross written premium rose 3.8% to 754.8 million pounds from 727.4 million pounds.
Brit's investment return plunged to 2.1 million pounds from 55.9 million pounds a year ago.
The combined ratio was 89.4, compared with 87.7 in the first half of 2007. The interim dividend was unchanged at 7.5 pence (9.3 euro cents).
Dane Douetil, group chief executive officer, noted the effects of volatility in investment markets. But he said underwriting continued to be strong across the group, with a combined ratio that again was below 90.
?Overall, we are delighted with the results in the first half of the year,? Douetil told a press conference at Brit?s offices.
Douetil also said Brit (LSE: BRE) is looking at the possibility of moving its corporate headquarters out of the United Kingdom. The potential choices, he told a questioner, include ?a number of jurisdictions, including Europe.?
?There?s a whole number of options that we?re looking at,? he said.
Brit?s consideration of a possible change of corporate headquarters has been influenced by what it sees as a lack of certainty from the U.K. government on taxation, particularly regarding foreign profits, Douetil said. Brit, he added, faces tax disadvantages as it competes in the global market.
?We need to get into a regime where we can plan five, 10 years ahead,? Douetil said. ?This is not something you do for the short term. It?s not a one- or two-year fix.?
Douetil would not rule out Bermuda. But he said he would not describe the island as Brit?s main choice.
?Bermuda has its issues,? he said. ?There?s no doubt that people in Bermuda are concerned about political stability.?
Brit Insurance Ltd. has a current Best?s Financial Strength Rating of A (Excellent).
(By Robert O'Connor, London editor: Robert.OConnor@ambest.com)
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