Brit

Brit Re sets ~$50mn GWP targets for specialty and casualty treaty

Brit’s Bermuda platform Brit Re is set to expand into specialty treaty and casualty treaty in 2025 with ~$50mn first-year gross written premium targets for each line, The Insurer can reveal.

Brit posts 94.2% Q3 CR as GWP contracts 3.8%

Fairfax Financial-owned Brit Insurance has posted a 94.2 percent undiscounted combined ratio for the third quarter of 2024, a 0.2 percentage point deterioration on the prior-year period.

Fairfax P&C operations increase UW profit by 34% despite higher cat losses

Fairfax Financial’s P&C operations delivered Q3 underwriting profits that grew by 34 percent to $389.7mn with a consolidated combined ratio that narrowed from 95.0 percent to 93.9 percent, including a sub-90 performance from Allied World as well as improvements from Crum & Forster and Odyssey.

Brit posts 80.5% undiscounted CR for H1 2024

Fairfax Financial-owned Brit Insurance has reported an undiscounted combined ratio of 80.5 percent for the first half of 2024, an improvement of 1.8 percentage points on the prior-year period.

Brit readies for Bermuda reinsurance expansion with GC’s Stephenson

Fairfax Financial-owned Brit has continued its planned Brit Re Bermuda expansion with the appointment of Guy Carpenter’s Jonathan Stephenson as head of office, Bermuda.

Clarke: Fairfax reserves “very strong” as other lines more than offset Q2 casualty development

President and COO Peter Clarke has touted Fairfax Financial’s “very strong” reserves after $132mn of Q2 favourable development despite some casualty deterioration, while also revealing that the company’s losses from Hurricane Beryl and the CrowdStrike outage are not “material”.

Fairfax Financial’s P&C operations grow Q2 UW profit 10% to $370mn

Fairfax Financial reported property and casualty insurance and reinsurance adjusted operating income that climbed 23 percent to $1.12bn, including a 10 percent increase in underwriting profit to $370.4mn.

Ex-PartnerRe CEO Bonneau added to Brit Re board to spur Bermuda growth

Brit has appointed former PartnerRe president and CEO Jacques Bonneau to the board of Brit Re in the role of non-executive director, subject to regulatory approval.

Brit posts 89.7% CR for Q1 2023

Fairfax Financial-owned Brit Insurance has posted an undiscounted combined ratio of 89.7 percent for the first quarter of 2023, a 1.1 percentage point improvement on the prior year period.

Brit Syndicate 2987 cuts GWP 7%; posts 90.8% CR for 2023

Brit’s flagship Syndicate 2987 reported an 8.3 percentage point improvement in its combined ratio and saw its underwriting profit surge to $162.9mn in 2023, although its top line contracted by more than 7 percent driven mainly by a reduction in reinsurance GWP.

Ki agrees follow capacity partnership with Beazley Syndicates 2623 and 623

Brit Insurance’s follow-form syndicate Ki has partnered with Beazley to offer additional follow capacity from Beazley Syndicates 2623 and 623 on its digital platform from 2 April 2024.

Brit reports 85.3% 2023 CR

Fairfax Financial-owned Brit Insurance has reported an undiscounted combined ratio for continuing business of 85.3 percent for 2023, a 10.9 percentage point improvement on the previous year.

Brit names QBE Re’s Cary as Bermuda deputy property treaty head

Brit has appointed QBE Re’s David Cary as deputy head of property treaty for Bermuda.

Brit launches $50mn limit cyber consortium for large corporates

Fairfax-owned Brit Insurance has launched a new $50mn limit Lloyd’s consortium to improve the efficiency of cyber placements for large institutional clients with revenues of $10bn or more.

Brit posts 2023 CR of 91.9%

Fairfax Financial-owned Brit Insurance saw a 20.7 percent contraction in Q4 GWP, but its full year combined ratio fell to 91.9 percent as it benefited from last year’s strong underwriting conditions.

Ki names Fidelis’ Bellamy as Syndicate 1618 active underwriter

Brit Insurance’s algorithmic follow-form Ki Syndicate 1618 has appointed Matthew Bellamy as active underwriter.

Brit exits marine liability insurance

Fairfax Financial-owned Brit Insurance has exited the marine liability market, The Insurer understands.

Brit shrinks Syndicate 2987 by almost 15% for 2024

Fairfax-owned Brit will see the stamp capacity of its flagship Syndicate 2987 contract by almost 15 percent next year to £2.0bn ($2.1bn), adding to a growing list of de-emptions for the 2024 underwriting year, The Insurer can reveal.

Brit exits space insurance market

Fairfax-owned Brit has withdrawn from the space insurance market following a turbulent year of heavy market losses, The Insurer understands.

Brit sees 7.9% top-line contraction

Fairfax Financial-owned Brit Insurance has seen a 7.9 percent decrease in its net written premiums in the third quarter of 2023, down to $780.6mn compared to $847.7mn in the prior-year period.

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