As Brit Insurance continues with its transformation into a more focused major specialty (re)insurer at Lloyd's and globally it has announced today that it is selling its non-core regional UK business to QBE Insurance (Europe) Limited ("QBE").
The business being sold is Brit Insurance's UK regional business ("Brit UK"), managed by Ray Cox. The transaction will represent a business transfer whereby renewal rights, operations and assets will be acquired but there will be no transfer of historic business. All Brit UK underwriting related employees will transfer to QBE on completion of the transaction.
Brit Insurance Limited, our FSA regulated insurance company will be retained within Brit Group while we undertake a strategic review of options for its future. Policies written by BIL will be retained and managed in accordance with the agreed terms. The Brit Group will retain all business written by Brit Global Specialty, our specialty underwriting franchise, including specialist liability led by John Murphy which will be written by Brit’s Group syndicate 2987.
Mark Cloutier, Group CEO, Brit Insurance, said:
"Ray Cox has built a great team in the UK Division and I'm very pleased that this team has found a good home with QBE. I am also pleased that we have been able to realise significant value from this division for the Group. Since the acquisition of Brit by Achilles we have undertaken a significant reorganisation of the business to optimise our capital structure and improve performance to position us for the future. This transaction builds on those developments and enables us to increase our focus on establishing a leading position as a global specialty (re) insurance player."
Matthew Wilson, CEO Brit Global Specialty, commented:
"With Brit Insurance’s major restructuring behind us we have in Brit Global Specialty a market leading underwriting platform with significant scale from which to develop an influential presence at Lloyd's, in the United States and internationally. We are building an integrated, more cost efficient business, focused on underwriting discipline and rigorous capital management with a clearer vision and brand identity in the market."
For further information, please contact
Mark Cloutier, Chief Executive Officer, Brit Insurance +44 (0) 20 7984 8500
Tom Burns / James Olley, Brunswick +44 (0) 20 7404 5959
Notes to Editors
About Brit Insurance
Brit Insurance is an international general insurance and reinsurance group specialising in commercial insurance. The Group writes a diverse portfolio of insurance and reinsurance, offering worldwide protection. The scope is wide-ranging: from small and medium sized traders to the largest multinational corporations. Our distribution model is centred on brokers and intermediaries. Brit Global Specialty, accesses our market leading Lloyd’s of London Syndicate, Brit 2987.