Brit Q3 combined ratio improves to 117.4% despite $265mn cat hit

Brit’s combined ratio improved by 60 basis points year on year to 117.4 percent in Q3 2022 while the Fairfax Financial-owned Lloyd’s (re)insurer saw its underwriting loss deepen to $126.8mn as it booked $265.0mn of primarily Hurricane Ian-related catastrophe losses.