Reinsurance News
Brit
Brit reports improved combined ratio of 76.2% for 2023
27th March 2024
Brit Ltd., a global speciality re/insurer and subsidiary of Fairfax Financial Holdings Limited, has reported a combined ratio for the full year 2023 for continuing business after discounting of 76.2%, a solid improvement on 2022’s 88.5%, as the insurance operating result strengthened year-on-year. For 2023, group profit after tax (including discontinued ... Read the full article
Brit names David Cary Deputy Head of Property Treaty, Bermuda
18th March 2024
Brit Ltd has appointed David Cary as Deputy Head of Property Treaty, Bermuda. Cary holds almost 20 years of experience in the reinsurance sector, having most recently served as Underwriting Manager and Head of Property & Casualty, Bermuda for QBE Re. Before this, he held senior roles at both Swiss Re and ... Read the full article
Brit launches new $50m Lloyd’s Consortium
13th March 2024
Brit Ltd has launched Brit Cyber First50, a new $50m Primary Brit-led and managed Lloyd’s Consortium developed to improve the efficiency of cyber placement for large institutional clients with revenues of $10 billion or more. According to the firm, as cyber losses increase in both frequency and size, this initiative will ... Read the full article
Fairfax Financial sees net earnings increase in 2023 to $4.4bn
16th February 2024
Fairfax Financial Holdings Limited has announced its financial results for the fiscal year 2023 net earnings of $4,381.8 million, compared with fiscal year 2022 net earnings of $3,374.2 million. In Q4, the net earnings were $1,328.5 million, compared to $2,318.1 million in Q4'22. The consolidated combined ratio of the property and casualty ... Read the full article
RSA and Brit launch global Project Cargo consortium ‘BUILD’ with $285m capacity
9th January 2024
RSA Insurance's UK Specialty Lines business and Brit Ltd have joined forces to unveil 'BUILD,' a Project Cargo consortium that stands as one of the largest in the global cargo market. Open for business, this consortium offers a guaranteed capacity of up to USD 285 million for Project Cargo risks on ... Read the full article
Brit announces Christiern Dart is to step down as Group CUO
31st October 2023
Brit Ltd., a global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has announced that Christiern Dart has decided to step down from his position as Group Chief Underwriting Officer. During a period of transition, Dart will complete a regulatory handover. Jon Sullivan, currently Deputy Group Chief Underwriting Officer & ... Read the full article
Current market environment is positive for Brit’s growth aspirations: Jon Sullivan
19th September 2023
According to Brit Group Deputy Chief Underwriting Officer, Jon Sullivan, the current market environment is a positive for Brit’s growth aspirations particularly on the short tail lines. At the 2023 RVS Monte Carlo event, Reinsurance News spoke with Sullivan about the opportunities he sees for Brit within the current market environment. He ... Read the full article
Brit’s profit rises in H1 as underwriting and investment performance improves
15th September 2023
Brit Ltd., a global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has reported a strong underwriting and investment performance for the first half of 2023, as premiums rose to more than $2 billion. The company has today reported a combined ratio of 93.3% compared with 93.6% a year earlier, which ... Read the full article
Brit reports 90.8% combined ratio in Q1
12th May 2023
Global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, Brit Ltd., has recorded a combined ratio of 90.8% in its Q123 results. The combined ratio figure represents an improvement from the prior year's quarter which came in at 91.8%. At the same time, the re/insurer reported $644 million in net premiums ... Read the full article
Amynta Group acquires Ambridge Group from Brit
11th May 2023
Amynta Group, Brit Ltd (Brit), a subsidiary of Fairfax Financial Holdings Limited (Fairfax), and Fairfax have announced the successful completion of the acquisition of Ambridge Group from Brit for a purchase price of $400 million. Amynta Group is a premier insurance services company with more than $3.5 billion in total managed ... Read the full article
Brit promotes Marie Hill to Group Head of Claims
26th April 2023
Global specialty re/insurer Brit Ltd. has announced the promotion of Marie Hill to the position of Group Head of Claims. In this role, Hill will be responsible for leading Brit's global claims practice and managing the team that services Lloyd's Syndicates 2987, 2988, and 1618 (Ki). Hill has worked in the London ... Read the full article
Brit reports “robust” underwriting result in 2022 despite major loss events
17th February 2023
Specialty re/insurer Brit has published its full year results for 2022, reporting a “strong and robust” underwriting result with a profit of $95.4m with a combined ratio of 96.6%, compared to the $90.6m reported in 2021 with a combined ratio of 95.7%. This is the second consecutive year the insurer has ... Read the full article
Brit announces renewal and expansion of flagship cyber consortium
15th February 2023
Global specialty re/insurer Brit Ltd. has announced the renewal and planned expansion of its leading cyber consortium - Brit Cyber Attack Plus (BCAP). BCAP is a cyber product, designed to protect clients from the impact of physical damage arising from cyber-attacks. The consortium was launched in 2014 to address the coverage gap ... Read the full article
Amynta Group acquires MGU Ambridge from Brit
10th January 2023
Amynta Group has announced a strategic partnership in which it will acquire Ambridge Group, the Managing General Underwriter (MGU) operations of Brit, a subsidiary of Fairfax, for $400m and enter into a multi-year agreement for Brit to be a significant capacity partner to Ambridge. Ambridge is a global MGU, offering a ... Read the full article
Google-backed Lloyd’s syndicate Ki adds Rebecca Marsh as Underwriter
22nd November 2022
Ki, Brit's digital follow-only syndicate, has announced the appointment of Rebecca Marsh as an Underwriter. In her new role, Marsh will report to Helen Rios, Portfolio Underwriter. She will work across the Casualty classes, supporting the growth of Ki’s portfolio and acting as a key point of contact for distribution partners. Prior ... Read the full article