Reinsurance News
Brit
Fairfax acquires OMERS’ Brit investment for $383m
16th December 2024
Canadian financial holding company Fairfax Financial Holdings Limited has increased its ownership interest in specialist insurer Brit Limited to 100% from 86.2%. This was done by acquiring the interest of OMERS, the pension plan for Ontario’s municipal employees, for a cash consideration of approximately $383 million. Fairfax, through its subsidiaries, is primarily ... Read the full article
Ki to operate as a standalone business within Fairfax Group
12th December 2024
Ki will operate as a standalone company within the Fairfax Group starting January 1, 2025, according to an announcement by Brit Ltd., a global specialty re/insurer and a subsidiary of Fairfax Financial Holdings Limited. Ki was incubated and launched by Brit in 2020 and began writing business on January 1st, 2021 ... Read the full article
Fairfax posts solid rise in GPW in Q3’24
1st November 2024
In their financial results for the third quarter of 2024, Fairfax Financial Holdings has reported net earnings attributable to shareholders of $1,030.8 million, which compares to the $1,068.9 million seen in the third quarter of 2023. According to Fairfax, this figure primarily reflects increased adjusted operating income of $1,136.8 million and ... Read the full article
Brit adds Mithal, Lynch & Lewis to Private Client team
17th September 2024
Brit Ltd, the global specialty insurer and reinsurer, has expanded its Private Client team with the appointments of Vijay Mithal, Billy Lynch and Chris Lewis. They each bring a deep degree of experience within the High Net Worth (HNW) market along with well-established broker relationships across the sector. Both Mithal and Lynch ... Read the full article
Brit posts 80.5% undiscounted CoR in H1’24, pre-tax profit climbs to $362.4m
6th September 2024
Brit Ltd, the global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has posted an undiscounted combined ratio of 80.5% for the first half of 2024, representing an improvement from the prior year's 82.3%. At the same time, the organisation also posted a discounted combined ratio of 70.1% for the ... Read the full article
Jonathan Stephenson to lead Brit in Bermuda as Head of Office
4th September 2024
Brit Ltd has appointed Jonathan Stephenson as Head of Office, Bermuda, subject to approval by the BMA and the Department of Immigration. As Head of Office in Bermuda, Stephenson will drive the planned expansion of Brit Re across property, casualty and specialty reinsurance. He joins from Guy Carpenter, where he was a ... Read the full article
Fairfax sees net earnings and GWP increase in Q2 2024
2nd August 2024
Fairfax Financial Holdings Limited has announced its financial results for the second quarter of 2024, reporting net earnings attributable to shareholders of $915.4 million, which compares to the $734.4 million seen in the second quarter of 2023. This increase, according to Fairfax, primarily reflects increased adjusted operating income of $1,119.4 million ... Read the full article
Industry veteran Jacques Bonneau joins Brit Re Board
27th June 2024
Brit Ltd has appointed Jacques Bonneau to the Board of Brit Re as a Non-Executive Director, subject to regulatory approval. Brit noted that Bonneau will bring considerable experience, insight and relationships to the firm as it embarks on a strategic plan to expand its presence in Bermuda across property, casualty and ... Read the full article
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
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