Brit to sell non-core regional UK business to QBE
by Richard Kilner
Brit Insurance has announced that it is to sell its non-core regional UK business to QBE Insurance (Europe) Limited.
The announcement comes as part of Brit’s strategic move to become a more focused major specialty (re)insurer at Lloyd’s and on the global stage.
The transaction takes the form of a business transfer, shifting renewal rights, operations and assets but not transferring historic business.
Brit UK underwriting related employees will move to QBE when the transaction is complete.
Brit Insurance Limited is to be retained by Brit Group whilst the firm undergoes a strategic review, with policies written by Brit Insurance Limited maintained in accordance with agreed terms.
Brit Group will also retain all business written by Brit Global Specialty.
Brit Insurance Group Chief Executive Officer Mark Cloutier said that Ray Cox had built a great team within the UK Division, and expressed his pleasure that they had found a good home with QBE.