Reinsurance News
Brit
Brit names Mark Allan as CEO of Ki
10th September 2020
Global specialty re/insurer Brit has announced the appointment of Mark Allan as CEO of Ki, its fully digital and algorithmically-driven Lloyd’s of London syndicate, launched in collaboration with Google Cloud. Allan has served as Brit Group CFO and Brit Limited Group Executive Director since 2015, following roles as CRO and Director ... Read the full article
COVID-19 losses drag down Brit in H1 as combined ratio hits 106.7%
31st July 2020
Global specialty re/insurer Brit saw COVID-19 heavily impact its performance in the first half of 2020, with the pandemic raising its combined ratio 15.7pps to 106.7%. The company also registered an operating loss of $193.6 million, compared to a profit of $139.6 million in the first half of 2019. ‘The COVID-19 pandemic ... Read the full article
Brit adds Andrew Thorn, Alex Brice to Private Client team
14th July 2020
Global specialty re/insurer Brit has bolstered its recently-launched Private Client team with the appointment of Andrew Thorn as a Senior Underwriter and Alex Brice as an Underwriter. Brit Private Client was launched to serve brokers operating in the high and ultra-high net worth market. Thorn joins from Chubb having most recently served ... Read the full article
Brit (BGSU) to transfer renewal rights for cargo business to Falvey
1st July 2020
Brit Global Specialty USA (BGSU), a division of specialty insurer and reinsurer Brit, has announced that it will transfer the renewal rights for its Cargo business to Falvey Cargo Underwriting, the largest cargo covernote holder at Lloyd's of London. According to Brit, Falvey is a better strategic fit for its cargo ... Read the full article
Michael Wade joins Brit as Independent Consultant
3rd June 2020
Specialty re/insurer Brit Ltd has announced the appointment of industry veteran Michael Wade as an Independent Strategic Consultant. In this role, he will act as an adviser to Brit’s management team across a number of areas, while also acting as an external ambassador for the Group. Wade has over 40 years of ... Read the full article
Brit marks entry into high net worth market with private client offering
29th May 2020
Specialty re/insurer Brit has announced the launch of a new private client offering aimed at brokers operating in the high and ultra-high net worth market. The private client offering will combine Brit’s brand and reputation in claims and service with a team of market practitioners led by Tara Parchment, Head of ... Read the full article
Brit & Google Cloud launch first algorithmically driven Lloyd’s Syndicate, Ki
13th May 2020
Specialty insurer and reinsurer Brit has collaborated with Google Cloud to launch Ki, a fully digital and algorithmically-driven Lloyd's of London syndicate designed to redefine the commercial insurance market as a 'follow-only' syndicate. The new standalone business is expected to launch in 2021, and the pair state that its creation marks ... Read the full article
Brit adds Tracy Wade as VP of BGSU unit
27th April 2020
Specialty re/insurer Brit has announced the appointment of Tracy Wade as Vice President, Programs, for Brit Global Specialty USA (BGSU). Wade will be based in Georgia and report to Tim Chesson, Senior Vice President, Programs. She will be responsible for developing BGSU’s Specialty Program offering and identifying future opportunities for growth, working ... Read the full article
Brit Global Specialty adds Shana Stodolski as Assistant VP, Cyber
20th April 2020
Specialty re/insurer Brit has announced the appointment of Shana Stodolski as Assistant Vice President, Cyber, for Brit Global Specialty USA (BGSU). Stodolski will be based in Glastonbury, CT and reports to Jeff Norton, Senior Vice President, Cyber Liability. She will be responsible for supporting the continued growth and underwriting of Cyber for ... Read the full article
Solid underwriting result helps Brit return to profit in 2019
14th February 2020
Specialty insurer and reinsurer Brit has reported an improved underwriting result for the full year 2019 while its return on invested assets also spiked, contributing to pre-tax profit of $186.3 million, compared with a loss of $190.3 million for 2018. Brit's underwriting result totalled $68.4 million for 2019, which represents a ... Read the full article
Brit announces launch of new Lloyd’s ILS fund
9th December 2019
Global specialty insurer and reinsurer Brit has announced the launch of a new Lloyd's of London focused insurance-linked securities (ILS) fund, Sussex Specialty Insurance Fund (SIF). Brit states that the new fund offers ILS investors access to Brit Syndicate 2988 and that it is the first fund structure of its type ... Read the full article
Brit launches e-trading Cyber Portal
18th November 2019
Specialty re/insurer Brit has announced the launch of its e-trading portal for cyber risk. Launching in the UK and the US, the online platform will target SMEs in both regions and is designed to give brokers an agile, user-friendly outlet for Brit’s cyber underwriting capabilities, allowing them to quote and bind ... Read the full article
Brit Re to expand reinsurance portfolio in 2020
19th September 2019
The Bermuda-based reinsurance business of specialty re/insurer Brit is set to expand its portfolio in 2020 after receiving a financial strength rating of A (Excellent) and a stable outlook from AM Best. Brit Re is expected to write US-based casualty excess of loss business, consisting of workers compensation, general casualty, and ... Read the full article
Brit profits recover in H1, backed by strong underwriting results
2nd August 2019
Specialty insurer and reinsurer Brit has reported its results for the first six months of 2019, with profits recovering close to 2017 levels thanks to a strong underwriting result and an absence of loss creep. H1 profit was recorded at $120.3 million, after-tax, compared with $139.7 million for the same period ... Read the full article
Brit adds James Birch as Head of Innovation
22nd July 2019
Specialty insurer and reinsurer Brit Ltd has appointed James Birch as Head of Innovation, a newly created position. Effective July 22nd, 2019, Birch will report directly to Brit's Chief Executive Officer (CEO), Matthew Wilson. In his new role, he will be responsible for managing the company's innovation process, helping to identify both ... Read the full article
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