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Wren PLC (WRE)

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Tuesday 27 July, 1999

Wren PLC

Off. Wholly Unconditional etc

WREN PLC
27 July 1999


Not  for  release, publication or distribution in or into the  United  States,
Canada, Australia, the Republic of Ireland or Japan

                                BRIT EGM RESULT
                                       
        OFFER ON BEHALF OF THE BENFIELD & REA INVESTMENT TRUST PLC FOR
                WREN PLC DECLARED UNCONDITIONAL IN ALL RESPECTS
                                       
                                CHANGE OF NAME
                                       
BRIT EGM Result

The  Board  of BRIT announces that the Extraordinary General Meeting,  notice 
of which  was set out in the Circular to shareholders dated 29 June 1999,  was
held yesterday, Monday 26 July 1999.

The  resolutions, inter alia, approving the Offer, the increase in the 
Company's authorised  share  capital, the Directors' authority to allot New 
BRIT  Ordinary Shares and the Company's change of name have been duly passed.

Offer declared wholly unconditional

The  Board  of  BRIT  announces today that the Offer for Wren has  been 
declared unconditional  in all respects (subject to the listing of the new 
BRIT  Ordinary Shares  becoming effective). BRIT has now received acceptances
in  respect  of  a total  of  43,592,660 Wren Shares (representing
approximately 61.3  per  cent  of Wren's  issued  share  capital).  BRIT 
itself  owns  (and  held  prior  to   the commencement   of   the  Offer 
Period)  19,056,011  Wren  Shares   (representing approximately  26.8 per cent
of Wren's issued share capital). To date,  elections have  been  made  for the
Partial Cash Alternative in respect of  6,618,220  Wren Shares  and  for the
Mix and Match Election in respect of 4,059,906 Wren  Shares.  As  previously 
announced, the Offer remains open for acceptance at  least  until 3.00  pm  on
3 August 1999.  The Partial Cash Alternative and the Mix  and  Match
Election have also been extended at least until 3.00 pm on 3 August 1999.

The total number of valid acceptances received includes acceptances by certain
of the Wren Directors for 8,692,178 Wren Shares (representing approximately
12.2 per cent  of  Wren's issued share capital) which were the subject of
undertakings  to accept  the  Offer. The total number of acceptances also
includes acceptances  by funds  managed  by  Baillie  Gifford  for  1,500,000 
Wren  Shares  (representing approximately 2.1 per cent of Wren's issued share
capital) which were the subject of an undertaking to accept the Offer.

Neither BRIT, nor any person acting in concert with BRIT for the purposes of 
the Offer,  has  acquired or agreed to acquire any Wren Shares (or rights 
over  such shares)  since 15 June 1999 (the date on which the Offer Period
commenced)  other than  pursuant  to  the  Offer.  Benfield Greig Group PLC,
Raphael  Zorn  Hemsley Limited,  Chaucer Holdings plc, Kiln plc, Torch
Holdings plc, Rea Brothers  Group plc  and  its subsidiaries including Rea
Brothers (Investment Management) Limited and  the  BRIT  Directors are deemed
to be acting in concert with  BRIT  for  the purposes  of  the  Offer.  Prior
to the commencement of the  Offer  Period  these concert  parties held
1,372,608 Wren Shares (representing approximately  1.9  per cent  of Wren's
issued share capital).  Acceptances by BRIT's concert parties  in respect  of
Wren Shares owned or controlled by them are as follows: Raphael  Zorn
Hemsley  Limited:  110,926  Wren  Shares; Rea  Brothers  (Investment 
Management) Limited (on behalf of discretionary clients): 1,153,271 Wren
Shares; Neil Eckert: 58,672 Wren Shares; and Jo Welman: 3,000 Wren Shares.

Change of name

With effect from today, Tuesday 27 July 1999, The Benfield & Rea Investment
Trust PLC will change its name to BRIT Insurance Holdings PLC.

Contacts:

BRIT                  Neil Eckert, Chief Executive               0171 578 7000
                                                                              
Haggie Financial      David Haggie                               0171 417 8989



Benfield  Advisory  Limited  ('Benfield Advisory'), which  is  regulated  by 
The Securities and Futures Authority Limited, is acting for BRIT and no one 
else  in connection with the Offer and will not be responsible to anyone other
than  BRIT for  providing the protections afforded to customers of Benfield
Advisory or  for providing advice in relation to the Offer.

Raphael  Zorn Hemsley ('RZH'), which is regulated by The Securities  and 
Futures Authority  Limited,  is acting for BRIT and no one else in  connection
with  the Offer  and  will not be responsible to anyone other than BRIT for 
providing  the protections  afforded to customers of RZH or for providing
advice in relation  to the Offer.

Irrevocable undertakings to accept the Offer have been given by certain
directors of Wren in respect of a total of 8,692,178 Wren Shares held by them
(representing approximately  12.2  per  cent of Wren's issued share capital). 
An  irrevocable undertaking  to accept the Offer has also been given regarding
funds  managed  by Baillie  Gifford  in  respect of 1,500,000 Wren Shares held
by  it  (representing approximately  2.1 per cent of Wren's issued share
capital).  These  undertakings are  to  accept  the  Offer  and not to elect
for the Partial  Cash  Alternative. However, the undertakings in respect of an
aggregate of 30,000 Wren Shares  given by three of the Wren Directors, Messrs.
Baillie, Martin and Withers Green, and in respect  of  the  Wren Shares given
by Baillie Gifford, may be withdrawn  in  the event of a third party making an
offer for Wren which is recommended by Wren  and which  values the Wren Shares
at an amount which is more than 15 per  cent  above the  value  attributed  to
the Wren Shares under  the  Offer.   The  three  Wren Directors named above
may elect for the Partial Cash Alternative.

The contents of this announcement have been approved by RZH and Benfield
Advisory solely for the purposes of section 57 of the Financial Services Act
1986.

Terms defined in the Offer Document shall have the same meanings when used
herein unless the context requires otherwise.

                                                                                                                         

a d v e r t i s e m e n t