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Highlights

Unaudited full year results for the year ended 31 December 2021.

A Strong and Resilient Result

Key points

  • Profit on ordinary activities before the impact of FX and tax of $247.1m (2020: loss of $235.5m).
  • Combined ratio of 95.7%1 (2020: 112.7%2), including 15.51 percentage points (pps) of major losses (2020: 23.7pps2), a resilient result.
  • Gross written premiums of $3,238.3m (2020: $2,424.4m), an increase of 31.8% over 2020 at constant FX rates.
  • Risk adjusted premium rates increases on renewal business of 12.9% (2020: 10.6%), bringing the total increase since 1 January 2018 to 33.1%.
  • Attritional ratio of 47.7%1, an improvement of 4.8 pps (2020: 52.5%2).
  • Return on invested assets3 after fees of $171.9m or 3.3% (2020: $44.6m or 1.0%).
  • Gain on sale of two subsidiaries of $22.0m (2020: nil).
  • Return on net tangible assets of 19.4%4 (2020: negative 20.1%4).
  • Balance sheet remains strong: adjusted net tangible assets5 of $1,740.6m (2020: $1,436.8m). 
  • Capital surplus increased by 81.2% to $617.9m (2020: $341.0m). Strong capital ratio6 of 139.1% (2020: 122.1%).
  • A highly successful first year of trading for Ki, receiving a very positive reception from its broking partners and recording GWP of $395.6m.  
  • Continued focus on our ‘Leadership, Innovation, Distribution’ strategy, including:
    • Combined our US operations under our Ambridge brand to create a single leading MGA;
    • Acquired the remaining shares of Camargue Underwriting Managers (Proprietary) Limited;
    • Continued to focus on our customers with the launch of our algorithm to enable a faster claims response to catastrophe events and our Direct Pay claims solution;
    • Piloted the first continuous binder at Lloyd’s; and
    • Launched the Keel Marine Consortium.

Read the full report below

Capital Strength

Brit's capital policy is set by the Board and is based on the output of the internal model which reflects the risk profile of the business. The policy requires capital to be held well in excess of regulatory minimum requirements and underpins Brit’s balance sheet strength. The policy ensures the capital adequacy of the Group, and each entity, through an efficient capital structure. The Group proactively responds to developments in the financial environment to ensure its capital strength is maintained whilst optimising risk-adjusted returns.

Brit is part of the Fairfax Group, which is a large Canadian insurance group with significant financial strength.

Brit Global Specialty solely underwrites through Brit's wholly aligned Lloyd’s Syndicate 2987, which benefits from the Lloyd's credit ratings of A (Excellent) from A.M. Best, AA- (Very Strong) from Fitch and A+ (Strong) from Standard & Poors. For further information, please visit Lloyd's of London.

Capital Strength

DB Pension Scheme

Through Brit Group Services Limited, the Group operates a funded defined benefit pension scheme, providing pensions benefits to its members. The scheme closed to new entrants on 4 October 2001 and closed to future accrual of benefits on 31 December 2011. The scheme is approved by HMRC for tax purposes and is subject to UK regulations overseen by the Pensions Regulator. The scheme is operated through a trust, which has assets held separately from the Brit Group. The trust is managed by a corporate Trustee, Brit Pension Trustee Ltd, whose board includes a professional independent trustee. The Trustee has overall responsibility for payment of the benefits and management of the scheme’s assets.

The scheme’s Statement of Investment Principles can be found here.

The scheme's Implementation Statement can be found here.

Any questions related to the scheme should be addressed to the scheme’s administrators, Lane Clark & Peacock LLP (Team-BritGroup@lcp.uk.com).

DB Pension Scheme

S172(1) Statments

Brit Limited, and a number of its UK subsidiaries, are required to publish a Section 172 (1) statement under the Companies (Miscellaneous Reporting) Regulations 2018.  The statements for the year ended 31 December 2020 can be found by following the links below.

S172(1) Statments