Reinsurance News
Brit
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
Fairfax Financial sees net loss of $75.1m in Q3 2022
4th November 2022
Fairfax Financial Holdings says it saw a net loss of $75.1m in Q3 2022 against net earnings of $462.4m in the same period in 2021. However, gross written premiums for the company in Q3 2022 reached $6,922.9m, up from $5,970.0m in Q3 2021. The firm said that this was an increase ... Read the full article
Brit CEO Wilson to step down, Martin Thompson named as successor
31st October 2022
Global specialty insurance and reinsurance firm Brit Ltd., part of the Fairfax Financial Holdings Limited group of companies, has announced that its CEO Matthew Wilson is stepping down from his role and to be succeeded by Martin Thompson. Thompson will become the new Brit Group CEO and also Executive Chairman of ... Read the full article
Brit uses aerial imagery to expedite Hurricane Ian claims
10th October 2022
Insurer and reinsurer Brit has said that it used aerial imagery to help expedite payments arising from Hurricane Ian. The firm said it had used a proprietary machine learning algorithm in tandem with ultra-high-resolution ariel imagery to accelerate the accurate identification of US property damage and was then able to ‘virtually ... Read the full article
Brit appoints Jack Hinton to new role
4th October 2022
Specialty insurer Brit has appointed Jack Hinton to be an underwriter in its accident and health team. Hinton is joining the firm from RSA, where he has been a senior underwriter. Prior to RSA, He held underwriting roles with Sompo International and ANV. He joined Brit last month and will return ... Read the full article
Brit announces return of Matthew Wilson as Group CEO
9th September 2022
Specialty insurer Brit has revealed that Matthew Wilson is set to resume his role as Group Chief Executive Officer (CEO), after taking an indefinite leave of absence due to health reasons. In September 2021, Wilson stepped down from his role to undergo treatment for a rare form of blood cancer, ... Read the full article
Fairfax Financial announces net loss for Q2 2022
29th July 2022
Fairfax Financial Holdings has announced a net loss of $881.4m in Q2 2022 after net earnings of $1,201.4m in the same period the year before. Concurrently, the firm is reporting increases of 27.5% and 40.5% year on year between Q2 2021 and Q2 2022 in gross written premiums for Odyssey Group ... Read the full article
Brit posts strong underwriting performance but investments dent H1 result
29th July 2022
Specialty insurer Brit has reported a loss of $186.9 million for the first half of 2022, compared with income of $204.3 million a year earlier, as a negative return on assets more than offset an improved underwriting result in the period. Across the group, Brit has reported H1 2022 gross written ... Read the full article
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