Brit

BGSU builds terrorism offering with Validus’ Umphress

Brit Global Specialty USA (BGSU) has named Andrew Umphress as vice president, terrorism as the Lloyd’s carrier looks to bolster its terrorism unit in the US.

Watsa buys $150mn of “ridiculously cheap” Fairfax shares

Fairfax Financial chairman and CEO Prem Watsa has spent close to $150mn buying up shares in the Canadian insurance holding company that he says have never traded at a bigger discount to their intrinsic value than they have recently.

Brit names Wade as independent consultant

Brit has named Michael Wade as independent strategic consultant to act as an adviser to its management team and as an external ambassador for the Lloyd’s insurer.

Brit enters HNW insurance market

Lloyd’s insurer Brit has entered into the high net worth (HNW) insurance market with the launch of a private client business.

Brit and Google launch follow-only syndicate Ki

Brit Insurance is to launch the first fully digital and algorithmically-driven follow-only Lloyd’s syndicate using a technology platform built in collaboration with Google Cloud, the Fairfax Financial-owned company confirmed today.

Fairfax UW profits climb 17% despite $84.3mn Covid-19 charge

Brit, Allied World and Odyssey Group parent Fairfax Financial reported an improvement in its overall underwriting results but fell to a first quarter net loss of $1.26bn that included preannounced net losses on investments of $1.54bn.

BGSU hires Wade as US programs president

Brit has appointed Tracy Wade as vice president, programs within the Brit Global Specialty USA (BGSU) division, who joins from Maxum Specialty – part of the Hartford Insurance Group since 2016.

Lloyd’s after lockdown will be digital…

Digital trading has been taken up at an exponential rate since Lloyd’s closed its underwriting floor on 19 March, and its subsequent success means document-based trading will be a thing of the past even when social distancing measures are lifted, predicts Brit Insurance CEO Matthew Wilson.

BGSU boosts East Coast cyber team with DUAL hire

Brit Insurance has continued to build out its East Coast cyber team with the hiring of DUAL commercial underwriter Shana Stodolski, the Lloyd’s carrier confirmed today.

Fairfax battered by $1.5bn of net investment losses in Q1

Fairfax Financial has issued a profit warning, with an estimated first quarter $1.5bn net loss on investments wiping out most of its investment gains in 2019, but the company noted its insurance operations will produce a sub-100 percent combined ratio for the quarter.

Lloyd’s confirms shortlist for Hancock successor; Axa XL and RenRe execs early favourites?

Axa XL’s UK head Paul Greensmith and RenaissanceRe’s chief underwriter Ross Curtis have emerged as early favourites among potential candidates to succeed Jon Hancock as director of Performance Management at Lloyd’s.

Brit returns to profit at FY19 with 95.8% CR

Lloyd’s insurer Brit reported a return to profit in 2019, delivering a pre-tax profit of $183.0mn and an improved combined ratio of 95.8 percent.

Fairfax Financial UW profits up fivefold to $124mn in Q4

Fairfax Financial’s (re)insurance operations delivered a big jump in underwriting profits in the fourth quarter that included significantly improved combined ratios at Brit and Allied World and reserve releases across the board.

Brit leads £20mn Travelex cyber programme

Blue-chip insurer Brit, one of the largest cyber writers in the Lloyd’s market, is the lead carrier on a £20mn slip for foreign exchange specialist Travelex, which has suffered nearly a month of business interruption following ransomware attacks, The Insurer can reveal.

Lloyd’s insurer builds out cyber practice with another AIG hire

Brit – one of the largest Lloyd’s cyber insurers behind Beazley – has lured another AIG underwriter to join its New York-based team.

Neal welcomes first Lloyd’s ILS fund via Brit’s Sussex platform

Lloyd’s CEO John Neal has welcomed Brit Ltd’s launch of an ILS fund to support the expansion of its third-party capital Syndicate 2988.

Lloyd’s launches $25mn per risk space consortium led by Brit and Hiscox

Lloyd’s has launched a new multi-million-pound space insurance policy targeted at the so-called ‘new space’ sector and backed by a consortium of 18 syndicates led by Brit and Hiscox MGA.

Brit Syndicate 2988 secures 50% capacity increase

Brit’s Name-backed Syndicate 2988 has secured Lloyd’s business plan approval for a more than 50 percent stamp capacity increase in 2020.

Operating profits climb 12% at Fairfax Financial

Fairfax Financial reported an uptick in underwriting income as well as higher interest and dividends from its (re)insurance operations that combined to push operating profits up by 12 percent to $280.1mn for the third quarter.

Brit to grow US casualty XOL book after getting A rating for BDA platform

Brit has secured an A financial strength rating from AM Best for the Bermudian platform it will use to expand its reinsurance portfolio in 2020 with a focus on US casualty excess-of-loss (XOL) business.

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