Brit agrees sale of BIL to RiverStone
by Richard Kilner
Story link: Brit agrees sale of BIL to RiverStone
Brit Group has announced that it has agreed the sale Brit Insurance Limited (BIL) to RiverStone Group.
The sale is subject to the necessary regulatory approvals and is expected to be concluded in the fourth quarter of this year.
Until the transaction is completed Brit Group will maintain in BIL the equivalent capital to be worthy of the ratings A- from A.M. Best and A from Fitch.
Following the sale of BIL, Brit Group will focus upon becoming a global speciality (re)insurer underwriting on its Lloyd’s platform, as Brit Global Specialty.
Brit Insurance Group Chief Executive Officer Mark Cloutier described the sale as a significant milestone in the firm’s capital restructuring and in its aim of becoming a focused global specialty underwriter.