Brit insurance firms up overseas speculation

Brit Insurance has announced conjecture surrounding an imminent relocation abroad is founded, as the firm looks set make the decision within six months.

The Lloyd's of London underwriter joins a growing list of companies moving operations offshore following the Governments' increase in corporate tax levies.

According to a report on timesonline.co.uk, Dane Douetil, chief executive officer at Brit Insurance, said the insurer was seriously entertaining the prospect of abandoning Britain.

The international tax havens of Dublin and Geneva are believed to be viable options for the firm.

Douetil said Brit Insurance had retained the services of Ernst & Young to advise on an alternative tax regime.

'We are taking this very, very seriously. We believe that we need to have some certainty. It is not just a tax question for us, but also a matter of where we hold our capital. We expect to reach an overall definitive decision in about six months,' he said.