Supermarket.com – Brit Insurance Company is planning to shift its headquarters from UK to Netherlands with the hope of cutting their tax bills in half. The company revealed this fact in a press conference after agreeing on 53% drop in overall profit than preceding year when it was about 199 Million Euros and now left only 89 million Euros this year. According to the company, they reimbursed the insurer tax bill of about 22 million Euros.
Company’s statistics are greatly hit by catastrophe asserts from Ike and Gustav along with global economic downturn as told by chief executive of Brit insurance Dane Douetil to Times online. The previous year has been also recorded as second worst year in car insurance world for catastrophe losses.
He further added that company’s shifting to Netherland will put the firm with more competition, most importantly halving its tax bill.
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