Brit’s profits rise in 2024 as written premiums reach $3.78bn

Brit Insurance has posted a profit before tax from continuing operations of $661 million for 2024, up from $623.9 million in 2023, while insurance premium written expanded to $3.78 billion.

The firm also reported a discounted combined ratio for continuing business of 75.7% for 2024, down from 76.2% in 2023. The undiscounted combined ratio for continuing business was 85.9% in 2024, slightly up from 85.3% in 2023.

Brit’s insurance service result in 2024 was a profit of $674.8 million, up from $649.5 million in 2023, while the firm’s investment return for the year was a strong $347.7 million.

“The excellent underwriting and investment results we have delivered reflect our clear strategic focus on driving performance and profitability,” the firm said.

Other key developments in 2024 include Ki becoming a standalone operation within Brit Limited and Fairfax Groups, as well as the launch of Brit Re, marking a significant step in strategic expansion in Bermuda

Martin Thompson, Group Chief Executive Officer at Brit, commented, “Building on Brit’s position and reputation as a lead market is an essential priority and we are more active than ever in influencing and shaping the market, driving terms and price across all lines that merit focus.

“This is a testament to the high quality of our underwriting and claims teams and our sharpened focus on developing market leading underwriting capability.

“Our strong broker relationships remain a fundamental enabler, while we have also made good progress with our investment in digital and data-enabled capabilities, having delivered the foundational phase, a cloud-native modern data platform.”

Thompson continued, “Our aspiration for the Group is to be a long-term winner in the Lloyd’s market, supported by our clear strategic focus on lead underwriting to drive sustainable performance and profitability.

“Our 2024 results reflect another year of strong performance and show we have the foundations from which to achieve this through Syndicate 2987, a highly relevant lead market.

“In 2025 we will continue to invest in our technology strategy, broker relationships and underwriting capabilities to build on our established leadership positions, while retaining our long-term focus on careful management of the insurance cycle.

“We remain mindful of shifting market dynamics, and the challenges faced by our customers and the industry, as illustrated by the recent California wildfires. The human impact of such events is significant and our thoughts are with those affected.

“They also remind us of the role of insurance in helping businesses and individuals navigate a complex and ever-changing risk environment. Our diversified and balanced portfolio makes us well placed to support our customers through Brit’s underwriting and claims expertise. This, together with our strategy and unique culture, gives me great confidence in the outlook for Brit.’

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.