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 [...]
Brit to sell non-core regional UK business to QBE
by Richard Kilner
Story link: Brit to sell non-core regional UK business to QBE
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, [...]
Brit reports declining profits in 2011
by Richard Kilner
Story link: Brit reports declining profits in 2011
Brit Insurance has released its annual financial results for 2011, including a decline in pre-tax profits from £116.4m to £75.8m. Return on equity also fell, dropping from 14.4% in 2010 to 8.6% in 2011, and gross written premiums saw a marginal decrease from £1,530.2m to £1,489.4m. The firm’s investment return was down from 3.2% to [...]
Brit Insurance appoints CIO
by Richard Kilner
Story link: Brit Insurance appoints CIO
Brit Insurance has announced the appointment of John Stratton to the newly created position of chief investment officer. The appointment, which is subject to FSA approval, will see Stratton supervise the firm’s investment and asset management activities and report directly to Group Chief Executive Officer Mark Cloutier. He joins Brit from Insurance Australia Group (IAG), [...]
Brit launches new yacht underwriting service
by Richard Kilner
Story link: Brit launches new yacht underwriting service
Brit Insurance has announced the establishment of a new specialist service with the intention of becoming a major underwriter at Lloyd’s in the profitable mega yacht insurance sector. Yachts exceeding 300ft in length can also exceed US$500m in value (including ancillary assets). John Higham, who recently joined Brit, leads the new underwriting team alongside Mike [...]
Brit Insurance joins CargoNet
by Richard Kilner
Story link: Brit Insurance joins CargoNet
Global general and reinsurance provider Brit Insurance has joined the US-based cargo theft prevention and recovery network CargoNet. As part of CargoNet, Brit Insurance can offer its policyholders enhanced protection when a victim of cargo theft needs urgent help. Reported US cargo thefts exceed $30bn annually, which law enforcement experts consider to be significantly less [...]
Brit opens new office in Richmond
by Richard Kilner
Story link: Brit opens new office in Richmond
International insurance and reinsurance group Brit Insurance has announced the opening a new office in Richmond, Virginia. The new office will underwrite First Dollar package business for the public entity sector, with the new team becoming part of Brit Insurance Services USA, Inc. (BISI), a wholly-owned service company. BISI Executive Vice President Nicholas Davies said [...]
Business continuity could suffer from new regulation
by Richard Kilner
Story link: Business continuity could suffer from new regulation
Shops could be left empty of basic essentials such as bread and milk should truck drivers fail to comply with new EU regulations. The stark warning comes from Andy Keane, UK Motor Portfolio Manager at business insurer Brit Insurance, who added that the implications for the haulage industry and the UK economy would be significant [...]
Brit warns on legal services PI risk
by Gill Montia
Story link: Brit warns on legal services PI risk
Brit Insurance has highlighted the professional indemnity (PI) risks that accompany the amendment of the Legal Services Act 2007 and the trend for consolidation in the legal services sector, whereby firms merge to create global professional practices. Having witnessed an increase in claims from corporate law firms, the insurer suggests that some firms need to [...]
Brit profits plummet to £6.8m
by Gill Montia
Story link: Brit profits plummet to £6.8m
Brit Insurance saw first-half 2011 pre-tax profit plummet to £6.8 million, from £77.5 million a year earlier, having faced an unprecedented number of catastrophe events in the first six months of the year. The re/insurer recorded a 2.1% rise in gross written premium, to £845.3 million, and its combined ratio stood at 104.8% (30 June [...]
Brit and Infosys form new partnership
by Richard Kilner
Story link: Brit and Infosys form new partnership
International insurer and reinsurer Brit Insurance has announced the formation of a new partnership with Infosys to provide numerous back and mid office services. The transfer of non-customer facing operational and IT activities to Infosys will begin quickly, with some moving as early as Autumn 2011. Brit Insurance Group Operating Officer Malcolm Beane welcomed the [...]
Brit establishes new property investors team
by Richard Kilner
Story link: Brit establishes new property investors team
International general insurance and reinsurance group Brit Insurance has announced the establishment of a new team dedicated to providing property investors with insurance. Kevin Simmons has been named as the team leader and his team will consist of underwriters from Brit’s present operations in London and the wider country. Simmons brings three decades of insurance [...]
Brit appoints Property Treaty head
by Richard Kilner
Story link: Brit appoints Property Treaty head
International general insurance and reinsurance group Brit Insurance has announced the appointment of Jon Sullivan as the firm’s new head of Property Treaty. He will leave behind Torus, where he served as senior vice president, International Reinsurance, to join Brit. It is anticipated that Sullivan will occupy his new position in the Autumn, at which [...]
Brit appoints Energy & Power director
by Richard Kilner
Story link: Brit appoints Energy & Power director
International general insurance and reinsurance group Brit Insurance has announced the appointment of Brian Randall as director of the new Energy & Power division. Randall, whose appointment is effective from 1 October, brings more than two decades of experience in the energy sector, with experience of upstream and downstream business. He has worked as both [...]
Brit launches Australian Lloyd’s service company
by Gill Montia
Story link: Brit launches Australian Lloyd’s service company
Brit Insurance has opened a Lloyd’s service company in Sydney, Australia, in a move that will allow Brit Insurance Services Australia Limited to transact property treaty reinsurance business locally, with effect from 1st July 2011. The new unit will act as the gateway for all property treaty reinsurance business emanating from Australia and New Zealand. [...]
Atkinson Smith launches online self-build offering
by Gill Montia
Story link: Atkinson Smith launches online self-build offering
Atkinson Smith has launched an online quote and buy facility to support its self-build (new build) and home extension/conversion offering. The scheme, which is underwritten by Brit Insurance, is now available to retail customers and brokers direct. The firm’s managing director, Ian Laycock, comments: “With over 15,000 self-build projects taking place each year in the [...]
Brit launches higher education package policy
by Gill Montia
Story link: Brit launches higher education package policy
Brit has launched a new package policy designed specifically for the US higher education sector. Property and liability cover includes auto, educators’ legal liability, campus security activities and student practices’ liability, in addition to workers’ compensation and crime coverages. Enhanced property and liability terrorism cover is also available and colleges and universities are provided with [...]
Brit makes UK professional risks appointment
by Gill Montia
Story link: Brit makes UK professional risks appointment
Brit Insurance has appointed Daniel Mitchell as UK portfolio manager, professional risks. Working alongside a team of portfolio managers, Mr Mitchell will report directly to Ray Cox, chief executive officer of Brit’s UK business unit. Having spent four years as financial risks underwriting manager for the group’s London region, Mr Mitchell was previously responsible for [...]
Brit Insurance promotes Mitchell
by Richard Kilner
Story link: Brit Insurance promotes Mitchell
International general insurance and reinsurance group Brit Insurance has announced the appointment of Daniel Mitchell to the post of UK Portfolio manager, Professional Risks. In his new position he will be tasked with developing strategy, setting pricing and reviewing the appetite for risk. Prior to his appointment he spent four years in Brit Insurance’s London [...]
Brit expands War & Terrorism team
by Gill Montia
Story link: Brit expands War & Terrorism team
Brit Insurance has expanded its War & Terrorism team with the appointment of Charles Barrett as terrorism underwriter, with immediate effect. Mr Barratt will be responsible for underwriting a range of political violence and aviation war related risks, supporting the growth of the firm’s War & Terrorism portfolio. Based in London, he will report to [...]
