Reinsurance News
Brit
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
Brit launches Direct Pay in the US
10th March 2022
Brit is launching its Direct Pay service within the US. Partnering with Visa, Mastercard, and Vitesse, Brit says the service offers end customers the ability to receive claims payments securely and instantly to their bank card. Sheel Sawhney, group head of claims and operation at Brit, said: “Direct Pay demonstrates how the ... Read the full article
Brit recruits Hodgkins as Cyber Underwriting Consultant
16th February 2022
Specialty insurer Brit has announced the appointment of Tim Hodgkins as Cyber Underwriting Consultant. He joins from cybersecurity solutions provider SureCloud, where he held the role of Senior Security Consultant and focused on supporting financial services businesses manage and reduce risk across their technology landscape. Hodgkins started his career at PwC, working ... Read the full article
Brit adds senior hires to Sussex Capital
14th February 2022
Specialty insurer Brit has announced two new senior appointments to its insurance-linked investment management platform, Sussex Capital. Cornell Fox will join Sussex Capital as Head of Investor Relations and Business Development, while Masa Kitade has been appointed as Head of Business Development for Asia. Fox will focus on leading fundraising and investor ... Read the full article
Brit returns to profit in 2021 as combined ratio falls to 95.7%
11th February 2022
Specialty insurer Brit has reported a return to underwriting profitability for 2021 and produced its strongest result for five years, with a gain of $90.6 million compared with a loss of over $217 million in 2020, as the combined ratio strengthened to 95.7%. As well as a stronger underwriting performance, Brit ... Read the full article
Brit appoints new Chief Data Officer
31st January 2022
Brit has appointed Kanika Chaganty as its Chief Data Officer, starting today. The appointment is a newly created role, where Chaganty will be responsible for leading Brit’s data strategy and leveraging its data and analytics capabilities. Sheel Sawhney, group head of claims and operations said: “Data is at the core of our ... Read the full article
Brit bolsters Property Facilities team
18th January 2022
Specialty insurer Brit has added Joanne Allen and Thomas Poynder to its Property Facilities team, effective early January 2022. Allen joins Brit as Flood Class Underwriter, reporting to Sarah Mendola, Divisional Director. Poynder joins as Underwriter for Transportation, reporting into David Perkins, Class Underwriter, Transportation. Joining from Argo Global, Allen has more ... Read the full article
Brit adds duo to NA Open Market Property team
7th January 2022
Specialty insurer and reinsurer Brit Ltd has announced the appointments of James Allchorne and Laura Wells as Senior Underwriter and Underwriter, respectively, within its North American Open Market Property team. Allchorne joins from Hiscox, where he was a Property Underwriter, and also acts a Consultant for the Disaster Risk Financing and ... Read the full article
Brit hires Chief Technology Officer from iptiQ
6th January 2022
Specialty insurer and reinsurer Brit has announced the appointment of Bilge Mert as Chief Technology Officer, commencing January 4th. In this role, Mert will be responsible for leading Brit’s technology and data strategy. She brings 18 years’ experience in technology, including experience driving commercial value and business transformation through the integration of ... Read the full article
Brit leveraging machine learning to sharpen US tornado damage identification
20th December 2021
Brit has expanded its use of a proprietary machine learning algorithm in its efforts to accelerate the identification of US Tornado property damage. The technology will be used alongside its own ultra-high-resolution imagery. Brit successfully deployed this technique to identify insured property damage following last week’s catastrophic US tornadoes. The machine learning algorithm ... Read the full article
Brit partners with Lloyd’s to pilot continuous contracts for coverholders
14th December 2021
Brit Ltd (Brit) has piloted the first continuous binder at Lloyd’s, which is planned to launch in January 2022. The new forms of contract aim to improve efficiencies by replacing the traditional annual renewal cycle, which can often be time and labour intensive and result in capacity being confirmed weeks or ... Read the full article
Brit’s Ki enters into $130m Sustainability Linked Funds at Lloyd’s LOC
29th November 2021
Ki, the fully digital and algorithmically-driven Lloyd’s syndicate launched by Brit in collaboration with Google Cloud, has entered into a $130 million Sustainability Linked Funds at Lloyd's Letter of Credit Agreement. Ki entered into the facility with its banking partners Barclays Bank plc, Sumitomo Mitsui Banking Corporation, and NatWest Bank plc. Led ... Read the full article
Brit closes $380m loss portfolio transfer with RiverStone International
18th November 2021
Specialty insurer and reinsurer Brit Ltd has announced the completion of a loss portfolio transfer (LPT) agreement with run-off specialist RiverStone International (RiverStone). The deal is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987 and is effective from 1 ... Read the full article
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