Reinsurance News
Brit
Fairfax reports Q3 underwriting loss but net earnings rise to $462.4mn
5th November 2021
Fairfax Financial Holdings Limited has reported an underwriting loss of $46.5 million for the third quarter of 2021, driven by the impacts of Hurricane Ida in the U.S. and the European floods in July, partially offset by lower pandemic-related losses. The consolidated combined ratio of the insurance and reinsurance businesses totalled ... Read the full article
Health reasons cited as Brit CEO Wilson takes indefinite leave of absence
28th September 2021
Matthew Wilson, the Group CEO of re/insurer Brit, has announced his decision to take an indefinite leave of absence due to health reasons. Martin Thompson, an incoming Executive Officer from Fairfax, will step into the role on an interim basis. He's described as a highly experienced leader in the insurance sector having ... Read the full article
Brit targets faster catastrophe response with machine learning algorithm
21st September 2021
Brit Ltd has announced the launch of a proprietary machine learning algorithm designed to accelerate the identification of post catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept is being used by the Brit Claims team and its delegated claims adjusters in the wake of Hurricane ... Read the full article
OMERS takes $375m stake in Fairfax’s Brit
31st August 2021
Fairfax Financial Holdings Limited has announced the completion of an investment into its Brit Limited subsidiary by OMERS, the pension plan for Ontario’s municipal employees. First announced in February 2021, the transaction sees OMERS acquire a 14% stake in Brit for a cash sum of approximately $375 million. After closing, Fairfax will ... Read the full article
Brit hits $1.464bn GWP in H1
30th July 2021
Insurer and reinsurer Brit Ltd has reported gross written premiums of USD1.464 billion for H1 2021, up slightly from $1.282 billion during the same prior year period. The company also reported a combined ratio of 94.6%, an improvement from the 106.7% reported in H1 2020. The company claims that this reflects a ... Read the full article
Brit creates new marine consortium
7th June 2021
Insurer and reinsurer Brit Ltd has created a new marine consortium named Keel, which has been launched to revolutionise the writing of Marine War and breach call risks. Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened, which is an area of ... Read the full article
Brit hires Kirstin Simon as Underwriter, Financial Lines
7th May 2021
Insurer and reinsurer Brit Ltd has appointed Kirstin Simon as an Underwriter in its Financial Lines team, specialising in D&O and commercial crime. Simon brings 14 years of industry experience, and joins from Liberty Special Markets (LSM) where she has been for the past 11 years, most recently as a Senior ... Read the full article
London Market insurers’ 2020 profits cancelled out by Covid losses, says Fitch
31st March 2021
A majority of London Market insurers are reported by Fitch Ratings to have fallen to either a loss or a very slight profit in 2020, as pandemic-related costs offset most underwriting and investment profits. Despite investment returns having recovered well in the second half of 2020, Fitch states that returns were ... Read the full article
Accelerant acquires CICA from re/insurer Brit
8th March 2021
Accelerant Holdings has announced the acquisition of Commonwealth Insurance Company of America (CICA) from speciality insurer and reinsurer Brit, as well as plans to rename the business as Accelerant National Insurance Company (ANIC). The Accelerant companies form an underwriting group specialising in serving a carefully selected and managed network of members ... Read the full article
Generation Underwriting inks capacity deal with BRIT, AXIS
4th March 2021
Managing General Agent Generation Underwriting has signed a new capacity deal for its core property and casualty lines. The deal will see AXIS come on board alongside existing partner BRIT with additional capacity provided by Lloyds. The new syndicated facility has been established to double Generation Underwriting’s property capacity across its Commercial ... Read the full article
Brit creates US MGA via combination of BGSU platform & Ambridge
3rd March 2021
Insurer and reinsurer Brit Ltd has announced plans to combine its Brit Global Specialty USA (BGSU) platform and Ambridge, to create a leading U.S. MGA. The combined entity will operate as Ambridge Partners LLC and creates an MGA managing more than $450 million in premium in the U.S. and over $100 ... Read the full article
COVID losses likely to exceed Lloyd’s estimate, says Brit
12th February 2021
Specialty insurer and reinsurer Brit has suggested that the COVID-19 pandemic could “significantly exceed” the $107 billion claims estimate predicted by Lloyd’s last year. The comments contrast with the view of some other analysts, such as those at Berenberg, who recently reduced their industry loss estimate from $50-70 billion to ... Read the full article
Brit reports strong rate increases as COVID pushes combined ratio to 112.6%
12th February 2021
Specialty insurer and reinsurer Brit has reported strong rate increases and premium growth for 2020, while the significant impacts of the COVID-19 pandemic pushed the firm to a $215 million underwriting loss with a combined ratio of 112.6%. The firm has reported risk-adjusted premium rate increases on renewal business of 10.6%, ... Read the full article
Brit hires Group CFO Gavin Wilkinson from RSA
8th December 2020
Specialty re/insurer Brit has announced the appointment of Gavin Wilkinson as Group Chief Financial Officer. Wilkinson will start his new role in May 2021 and will also join the Executive Committee and Board of Brit. He joins the company from RSA where he has spent the last 10 years, most recently as ... Read the full article
Scott Davis joins Brit (BGSU) as VP, Programs Underwriting
2nd December 2020
Brit Global Specialty USA (BGSU), a division of Brit Ltd, has announced that Scott Davis has joined the firm from Pioneer Underwriters, to serve as Vice President (VP), Programs Underwriting. Davis starts his new role in December, based in Alpharetta, Georgia, and will report to Noreen Metcalfe, Executive Vice President, Reinsurance. In ... Read the full article
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