Fitch: Brit Insurance on watch

Fitch Ratings said it placed Brit Insurance Ltd.'s insurer financial strength rating of A on Rating Watch negative.

Brit Insurance Holdings BV's long-term issuer default rating also was affirmed at BBB+ with a stable outlook and BIH BV's subordinated notes at BB+.

The actions follow news that BIH confirmed the sale of renewal rights, operations and assets of the company's U.K. regional operations to QBE Insurance (Europe) Ltd., Fitch said.

Fitch noted that for now, Brit's historical business will be retained within the Brit group as a run-off entity, while a strategic review of future options for the historical book is undertaken.

The agency said it will seek to resolve the negative watch once the outcome of the strategic review is known.

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