Brit targets North America with investment in MGU Sutton Special Risk
Speciality re/insurer Brit owned by Fairfax Financial Holdings has made a significant investment in Sutton Special Risk, a managing general underwriter (MGU) specialising in accident & health business, in a deal that offers Brit exposure to more business in the US and Canada.
Sutton has been a Lloyd’s coverholder for more than 40 years and been an important trading partner for Brit for the last 16 years.
Brit said the investment offers exposure to a fast-growing MGU and continues its international expansion through niche specialty businesses.
Sutton will retain its independence, continuing to underwrite as an MGU on behalf of its existing broad panel of Lloyd’s syndicates and international carriers.
Founded in 1978 by William Sutton, Sutton underwrites accident, health & special risk products with a team of 40 employees based in Toronto, New York and London. It has projected premiums for 2019 of over C$60m.
Matthew Wilson, CEO, Brit, commented: “We are delighted to announce our investment in Sutton. Greg Sutton and his team have built a profitable business with a highly regarded specialist offering, well-established in Canada and now in the US and London. This investment is also closely aligned to our strategy of broadening our global distribution network, while Sutton’s 40 year heritage as a leading London Market coverholder also reflects our confidence in our Lloyd’s platform.
“Over the past 16 years we have enjoyed working closely with Greg and his team, and this investment will create new opportunities for both organisations to further develop our collective capabilities for the benefit of our clients. I look forward to continuing this strong relationship in the future as we look to support the team to further expand Sutton’s offering and platform.”
Sutton, CEO of Sutton Special Risk, commented: “I am excited by this opportunity to strengthen our relationship with Brit. They have been a valuable strategic partner of Sutton for many years, and their investment will enhance our ability to serve our global client base. Brit’s commitment to innovation, product development and distribution aligns closely with our own vision and will ensure we continue to deliver best in class solutions to meet our customers’ needs.”
Prem Watsa, CEO of Fairfax Financial, commented: “We are pleased to be partners with Greg Sutton, CEO of Sutton. I have got to know Greg over the past year and am impressed with his integrity, creativity and track record.”
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