Brit to record millions in gains in second quarter

Brit Ltd will be recording millions in pre-tax gains in the second quarter following the sale of its managing general underwriter operations.

In a release by Brit’s parent Fairfax Financial Holdings, the latter said: “On May 10, 2023, Brit completed the sale of Ambridge Group, its managing general underwriter operations, to Amynta Group.

“In the second quarter of 2023, Brit will deconsolidate the assets and liabilities of Ambridge and will record a pre-tax gain of approximately US$255 million (prior to ascribing any fair value to the potential additional receivable).”

First announced in January, the transaction had a US$400 million price tag.

Written premium

Meanwhile, Fairfax also reported Brit’s premium numbers for the first quarter of 2023.

Improving by 1.1% in the period, Brit posted US$895.1 million in gross written premium. Net written premium, meanwhile, went up 2.2% to US$644 million. The global specialist insurer’s combined ratio was 90.8%.

Last month, Brit promoted Marie Hill to group head of claims. She was picked to lead the company’s global claims practice and take charge of the team servicing Lloyd’s Syndicates 2987, 2988, and 1618.