Future of Brit’s chairman remains unclear

The future of Brit’s chairman, Richard Ward, is unclear following the acquisition of the insurer by financial services company Fairfax.

Ward, who joined Brit in 2014, previously served as chief executive of Lloyd's from April 2006 to December 2013.

According to a spokesperson for the company, Ward is “expected to maintain a relationship with the business” but would not elaborate on what that would be.

Fairfax confirmed that Mark Cloutier, the chief executive officer (CEO) of Brit, would be retained.

Fairfax said: "Fairfax recognises the success of the chairman, Dr Richard Ward, and CEO, Mark Cloutier, of Brit, and the Brit senior management team in creating significant value in a relatively short period of time. Fairfax is fully supportive of the management’s current business plan and strategy and intends to retain Mark Cloutier and as much of the existing key management team as possible."

Fairfax will acquire Brit for £1.22 billion. Private equity firms Apollo Global Management and CVC Capital, Brit’s two biggest shareholders, have accepted the bid.