Brit to document tens of millions in features in Q2

Brit Ltd can be recording tens of millions in pre-tax features within the second quarter following the sale of its managing normal underwriter operations.

In a launch by Brit’s father or mother Fairfax Financial Holdings, the latter mentioned: “On May 10, 2023, Brit completed the sale of Ambridge Group, its managing normal 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 $255 million (prior to ascribing any fair value to the potential additional receivable).”

First introduced in January, the transaction had a $400 million price ticket.

Written premium

Meanwhile, Fairfax additionally reported Brit’s premium numbers for the primary quarter of 2023.

Improving by 1.1% within the interval, Brit posted $895.1 million in gross written premium. Net written premium, in the meantime, went up 2.2% to $644 million. The world specialist insurer’s mixed ratio was 90.8%.

Last month, Brit promoted Marie Hill to group head of claims. She was picked to guide the corporate’s world claims apply and take cost of the group servicing Lloyd’s Syndicates 2987, 2988, and 1618.