Brit posts solid results after year of change
Brit posted a solid set of results for 2013 achieving a small increase in gross premiums written and a substantial improvement in its profits after what was a year of important hires and strategic moves for the business.
The company’s gross written premiums £1.18 billion for the year compared with £1.14 billion in 2012 and its profit after tax increased by 20 percent to £101.7 million compared with £84.7 million in 2012. This was reflective of a record combined ratio of 85.2 percent compared with 93.2 percent in 2012 achieved partly by a quiet year for catastrophes.
2013 was a big year for Brit in several ways. It hired strategically allowing it to expand or move into several new areas including property, political and credit risk, high value homeowners, fine art and specie and cargo in the UK and it expanded its US specialty operations to over 50 employees across nine cities.
Its acquisition of the renewal rights and the underwriting platform of Maiden Specialty helped it grow its excess and surplus (E&S) property business and it also opened a Bermuda branch office.
Finally, it made some headline grabbing hires last year including Richard Ward, the former chief executive of Lloyd’s who was appointed group chairman; Andrew Baddeley, from Atrium Underwriting who was made CFO; and Joy Ferneyhough from Espirito Santo Investment Bank who was appointed director of strategy and corporate development.
Mark Cloutier, Group CEO of Brit Insurance, said: “2013 was another excellent year for Brit, our second full year operating as ‘new Brit’, a highly focused specialty insurance and reinsurance business underwriting solely through Lloyd’s.”
He continues: “Our strategy is even more valid today than it was when we initially developed it three years ago. Given the challenges facing the market today, our focus on underwriting specialty products and leveraging off the Lloyd’s business model globally via our local distribution network gives us a highly efficient platform on which to develop our business and drive future profitable growth.
“We have made excellent progress on our growth plans in 2013, including adding new specialty teams and underwriting talent in London, the United States, Bermuda and China which we believe have added well in excess of £100m of new business on an annual run rate basis. We will continue to grow our business wherever we see suitable profitable opportunities that fit our specialty strategy.”
