Brit Insurance Holdings PLC
22.09.2009
Notification of Interests of Directors and Persons Discharging
Managerial Responsibility ("PDMR") and connected persons
Brit Insurance Holdings PLC ("Brit Insurance" or "the Company") the
international general insurance and reinsurance group, announces the
following changes to the interests of Directors and PDMRs in the
Company's ordinary shares of 75p each ("Shares").
On 21 September 2009 the Company granted awards of nil cost options
("Awards") under the Brit Performance Share Plan 2003 ("the PSP") as
follows:
PDMRs
+-----------------------------------------------------+
| Name | PSP Award (number of shares under option) |
|---------+-------------------------------------------|
| M Beane | 133,928 |
+-----------------------------------------------------+
Awards granted under the PSP will normally vest and become
exercisable on 21 September 2012, but only to the extent that certain
performance criteria are satisfied by the Company over a three year
performance period commencing 1 January 2009. The Award is subject to
two performance conditions. One-half of the Award is subject to a
performance condition based on the average annual Return on Equity of
the Company over a single period of three financial years and two
underpins. The other-half of the Award is subject to a performance
condition comparing the Company's total shareholder return against a
comparator group of companies over three financial years.
No consideration is payable for the grant of Awards and the vesting
of Awards is conditional upon meeting the performance criteria.
The notification of these Awards is intended to satisfy the Company's
obligations under Disclosure and Transparency Rule 3.1.4.
Peter Goddard
Company Secretary
Brit Insurance Holdings PLC
Tel: 020 7984 8741
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