Brit CEO bows out quickly on renewed health concerns; interim CEO returns
Fairfax Financial's global specialty re/insurance unit Brit will switch CEO’s again as to-date CEO Matthew Wilson bowed out after a month-long return to focus again on his battle with cancer.
Martin Thompson (Pictured), who had acted as interim CEO for Wilson’s initial leave of absence, will become new Group CEO and Executive Chairman of the group’s algorithmically driven syndicate Ki as of October 31, subject to regulatory approval. Prior to joining the Fairfax Group in 2021, Thompson had been president & CEO of RSA Canada.
Wilson, at Brit since 1999 and group CEO since 2018, had returned from a one-year medical leave of absence in only September this year. Wilson will continue to work within Brit parent group Fairfax Financial Holdings an executive advisory director.
Prem Watsa, chairman and CEO of Fairfax Financial Holdings, commented: “Brit stands out as one of the most forward-thinking companies in the market, from its truly inclusive culture to its reputation as a leader in Lloyd’s to the incubation and launch of Ki. Matthew has been pivotal in driving this and leaves a lasting legacy of success across the whole of the organisation. He will always be a friend to Brit and I am pleased that we will benefit from his insight as an Executive Advisory Director for Fairfax.”
“Martin is an outstanding insurance leader and demonstrated this when asked by Matthew to step in as Interim CEO at such short notice last year, ensuring stability and enabling Brit to maintain its focus. He knows the business, its people and its culture extremely well and this, alongside his leadership skills, means we can deliver both a smooth succession and the right CEO to take Brit forward.”
Matthew Wilson added: “In my 23 years at Brit this is without doubt one of the hardest decisions I have had to make. No one was more determined than I was to continue as CEO, but it is with huge regret that I have chosen to step down so that I can focus on my family and my health. Brit is a truly special company, but what makes it so special are its amazing people. I will miss every one of them.”
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