Brit Insurance Holdings has posted a record half year results as chief executive Dane Douetil said the low claims levels and reduction in the volatility of their underwriting book paid dividends.

Brit said gross written premiums rose 2.6 percent to £695.3 million delivering a pre tax profit.

Foreign exchange movements on non-monetary items of £118.5 million compared to £102.5 million for the first half of last year.

Underwriting profit increased by 38.4 percent to £92 million a record half year underwriting performance for the group with a combined ratio 82.4 percent.

Douetil, said: “A record underwriting performance has been achieved, helped by a particularly benign claims environment during the first six months. We have also achieved our goal of rebalancing our underwriting portfolio with the aim of having less volatility in our results.

“We have been able to do this by lowering our exposures to peak zone catastrophe claims while at the same time increasing our overall premium volumes in areas offering attractive returns.”