Tonight:
5°c
Brit Insurance confirmed its reputation as one of the most prudently managed Lloyd's of London operators today when it signalled that profits will be much higher than the market was expecting.
But it played down the good news, which it described as a result of changes to accounting rules that dictate how profits from policies written overseas be declared.
The falling value of the pound means that Brit will add an extra £54 million to its bottom line, taking profits for the year way above the £32 million expected by the City. The shares added 7¼p to 225p.
Chief executive Dane Douetil can claim to have been ahead of the curve when it comes to the banking crisis and the stock market fallout.
The sponsor of the Brit Oval - home to Surrey County Cricket Club - started cutting the group's exposure to financial institutions in the third quarter of 2007.
Brit has just 3.6% of its assets in shares.
