The Bermuda-based reinsurance business of specialty re/insurer Brit is set to expand its portfolio in 2020 after receiving a financial strength rating of A (Excellent) and a stable outlook from AM Best.
Brit Re is expected to write US-based casualty excess of loss business, consisting of workers compensation, general casualty, and casualty clash exposure.
AM Best said the ratings reflect what it categorises as a very strong balance sheet as well as adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also benefit from the implicit and explicit support of Brit, and its ultimate parent, Fairfax Financial Holdings Limited.
“We have built out the capabilities of Brit’s Bermuda operation significantly over the last few years with our growing treaty presence, the redomiciliation of Brit Re and the launch of our ILS platform, Sussex Capital,” said Mark Allan, Chief Financial Officer of Brit.
“We are pleased with A.M. Best’s rating which reflects the capital strength of Brit Re and which will allow us to access additional reinsurance business, complementing our existing operation.
“I am excited about the potential for Brit Re and look forward to continuing to work with Joe and Karl as they grow the business.”
Brit has confirmed that Joe Bonanno, who will continue as Chief Underwriting Officer alongside Finance Director Karl Grieves, will continue in their positions and look to develop the unit’s underwriting strategy and operations.
