Brit appoints UK distribution leader
by Richard Kilner
Story link: Brit appoints UK distribution leader
International general insurance and reinsurance group Brit Insurance has announced the appointment of Vivek Banga as UK distribution leader.
He joins Brit Insurance from NIG, where he latterly served as head of Business Development, prior to which he was head of E-Commerce Distribution.
Banga brings with him over a decade of experience in the UK insurance sector, [...]
Brit opens Sydney office and appoints MD
by Richard Kilner
Story link: Brit opens Sydney office and appoints MD
International insurance and reinsurance group Brit Insurance has announced the establishment of its new office in Australia, replacing its previous third party agreement.
The new office is situated in Sydney’s financial district, and will offer local representative services for the firm’s reinsurance activities.
At the same time, Brit has announced the appointment of Mike Davidson as MD [...]
Brit Insurance announces 2009 results
by Richard Kilner
Story link: Brit Insurance announces 2009 results
Brit Insurance has revealed its preliminary financial performance figures for 2009.
The firm made pre-tax profits of £171.3m (excluding the effect of foreign exchange on non-monetary items), more than threefold the 2008 pre-tax profit of £39.6m.
Earnings per share rose by 32% from 86p to 113.2p.
Gross written premium was also up, rising 21% to £1,696.4m (a rise [...]
Brit Insurance hires chief information officer
by Richard Kilner
Story link: Brit Insurance hires chief information officer
International general insurance and reinsurance group Brit Insurance has announced the appointment of Ian Powell to the role of chief information officer.
He brings decades of experience of managing information and technology within the financial sector to Brit.
He leave behind BlackRock, previously Merrill Lynch Investment Managers, where he latterly served as head of Technology Service Management [...]
Brit bolsters Global Markets business
by Richard Kilner
Story link: Brit bolsters Global Markets business
International general insurance and reinsurance group Brit Insurance is bolstering its Global Markets business unit with the addition of Neil Russell and Joachim Tolle as underwriters.
Russell brings a decade and a half of experience to the firm, including a long stint at Lexington Underwriting Company managing the Lloyd’s North American Property accounts.
Russell will continue to [...]
Brit appoints Group Services head
by Richard Kilner
Story link: Brit appoints Group Services head
Brit Insurance has promoted Sean Norris to lead Group Services.
He has been with the firm since 2003, beginning as a group credit and cash manager.
More recentlly he led the Production Services team and developed a centralised underwriting service function, including technical entry, quality control, credit control and outward reinsurance teams.
Norris will assume his new position [...]
Brit Insurance appoints head of Bristol office
by Richard Kilner
Story link: Brit Insurance appoints head of Bristol office
International general insurance and reinsurance group Brit Insurance has announced the appointment of Peter Grocock as head of the firm’s office in Bristol.
Grocock, who assumes his new position today, brings with him over a quarter of a century of experience in the commercial insurance sector.
He leaves behind the post of corporate client director, where he [...]
Brit bolsters Marine & Energy team
by Richard Kilner
Story link: Brit bolsters Marine & Energy team
International general insurance and reinsurance group Brit Insurance has announced the appointment of Anna Pearce as Downstream Energy and Utilities underwriter.
She joins the firm from JLT, where she spent seven years beginning as a broker and becoming an account executive and new business producer.
Pearce will assume her position within the Marine & Energy team with [...]
Brit promotes Burrows
by Richard Kilner
Story link: Brit promotes Burrows
Brit Insurance has announced that Peter Burrows is to be promoted to the newly created position of executive chairman of the firm’s UK strategic business unit.
Burrows is presently the chief executive officer of Brit UK, and will take up his new post on 1 January of next year.
Group Chief Executive Officer Dane Douetil has expressed [...]
Brit name group claims director
by Richard Kilner
Story link: Brit name group claims director
Brit Insurance Holdings PLC has announced the appointment of Steve Richardson as group claims director.
He leaves behind PricewaterhouseCoopers where he served as a director supervising insurance and claims advisory services.
Earlier in his career he was head of Reinsurance (Assumed Claims) with Equitas for eight years and has also worked for KWELM.
Richardson will assume his new [...]
Brit Insurance appoints Motor underwriter
by Richard Kilner
Story link: Brit Insurance appoints Motor underwriter
International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Fiona Gibbs as Motor Fleet underwriter with immediate effect.
She brings over three decades of experience in the insurance industry to her new post, and has spent more than 15 years specialising in the motor sector.
Gibbs joins Brit Insurance from RSA, [...]
Brit blames loss on foreign exchange charge
by David Masters
Story link: Brit blames loss on foreign exchange charge
Brit Insurance posted a pre-tax loss of £8.7 million for the first half of 2009, down from a profit of £49.9 million in the year ago period.
Net income plummeted to a £6.3 million loss, down from a £37.6 million profit in the first half of 2008.
The Lloyds of London underwriter blamed the loss on a [...]
Brit announces post-tax losses in first half of 2009
by Richard Kilner
Story link: Brit announces post-tax losses in first half of 2009
Brit Insurance has revealed its financial results for the first half of the year, which include pre-tax profits of £64.9m, a rise of 24% on the corresponding period last year, which saw pre-tax profits of £52.3m.
However, after tax the firm incurred a loss of £8.7m due to the £73.6m cost of the foreign exchange effect [...]
Brit becomes ECB’s chief sponsor
by Richard Kilner
Story link: Brit becomes ECB’s chief sponsor
Brit Insurance is to become the primary Team Sponsor of England Cricket, it has been announced.
The deal, lasting initially for a four year period, will begin in January next year and was announced by the England and Wales Cricket Board (ECB).
The agreement will mean that all playing and training apparel of both the men’s and [...]
Brit Insurance appoints chief operations officer
by Richard Kilner
Story link: Brit Insurance appoints chief operations officer
International general insurance and reinsurance firm Brit Insurance Holdings PLC, has named Malcolm Beane as chief operations officer.
Beane will take up his new post on 21 September and also acquires a seat on the Executive Management Committee.
He will report directly to Dane Douetil, Brit Insurance’s chief executive officer.
Beane leaves behind XL Capital, where he worked [...]
Brit appoints motor underwriter
by David Masters
Story link: Brit appoints motor underwriter
Brit Insurance has announced the appointment of Ian Fraser as motor fleet underwriter, effective immediately.
Based in Brit’s Glasgow office, Fraser will report to Brit regional manager Andy Fitzgerald.
Previously, Fraser served for 30 years at RSA where he held a variety of senior posts, most recently as senior technical motor underwriter.
Fraser said he is “excited by [...]
Pamplona acquires Chaucer stake
by David Masters
Story link: Pamplona acquires Chaucer stake
Pamplona has acquired a 7.4% stake in Chaucer, locking horns with Brit Insurance over its proposed takeover of the struggling Lloyd’s of London insurer.
The London-based private equity group, financed by Russia’s Alfa Bank, said it intends to purchase a third of Chaucer’s outstanding shares.
“We have bought 7.4% of the company today and we are still [...]
Brit reveals details of Chaucer offer
by Gill Montia
Story link: Brit reveals details of Chaucer offer
Brit Insurance has revealed further details of its possible offer for Chaucer Holdings.
The group has confirmed a proposal to the board of Chaucer in the following terms: 0.23 new Brit ordinary shares for every existing Chaucer share; a recommendation from the Board of Chaucer.
The proposed all-share deal would result in Chaucer shareholders owning approximately 29% [...]
Brit in merger talks with Chaucer
by David Masters
Story link: Brit in merger talks with Chaucer
UK-based Brit Insurance Holdings confirmed Friday that is in merger talks with Lloyd’s of London insurer Chaucer.
Brit said any offer would be on an all-share basis.
Chaucer responded with a cautious statement warning that there is “no certainty” an offer will be made.
“A further announcement will be made when a conclusion to these discussions has been [...]
Brit Insurance appoint class underwriter
by Richard Kilner
Story link: Brit Insurance appoint class underwriter
International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Kevin Foley as class underwriter of International Property, part of the Global Markets business.
He leaves behind the post of Property Underwriting manager with German firm Munich Re to join Brit, and brings with him over a quarter of a century [...]
