Brit acquires QBE’s Lloyd’s aviation book
Brit has acquired the renewal rights to QBE’s London-based dedicated Lloyd’s aviation business from 1 June, it has said in its first quarter results.
As part of the agreement, it is intended that all of QBE’s London-based aviation underwriting and claims staff will transfer to Brit. Brit will begin writing renewals of the assumed business into Syndicate 2987 on completion, expected to be on 1 June.
Matthew Wilson, chief executive officer of Brit Global Specialty, said: “This transaction presents an excellent opportunity for Brit to assume a market leading team of highly experienced underwriters in a business line where Lloyd’s has significant scale and relevance on a global basis.
“This type of transaction once again highlights Brit’s commitment to grow opportunistically and profitably. The further diversification that this line of business brings to the Group, alongside Brit’s attractive Lloyd’s capital structure and scalable operating platform gives us confidence that this will be accretive to the Group in the short term.”
The deal represents the latest expansion and diversification by Brit in what has been a busy 12 months for the company.
In January 2014, it hired three senior underwriters to develop a new UK property portfolio. This new team, headed by David Hancock, will join Brit in the second quarter of 2014 and will form part of the Brit Global Specialty Property Facilities Division.
In April, Brit also announced that Juan Calvache will join the group in May to lead its new Miami-based Latin American business. The office will focus on expanding BGSU’s successful US Facultative Property platform into the Latin American and Caribbean markets, in line with Brit’s strategy of growing efficiently and profitably into international markets. Prior to joining Brit, Juan spent over a decade with Partner Re where he built the property facultative team.
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