Unaudited full year results for the year ended 31 December 2022.

A strong and robust underwriting result and significant growth

Key points

  • Combined ratio1 of 96.6% (2021: 95.7%) and an underwriting profit of $95.4m (2021: $90.6m).
  • GWP of $3,970.0m, an increase of 24.7% over 2021 ($3,238.3m) at constant rates of exchange.
  • Risk adjusted premium rates increases on renewal business of 12.4% (2021: 12.9%), giving an compound increase since 1 January 2018 of 54.1%.
  • A strong full year attritional ratio1 of 51.0% (2021: 47.7%).
  • Major losses of $338.5m, impacting the CoR by 12.0pps (2021: $324.4m / 15.5pps).
  • Investment return2 of -$132.1m or -2.3%, including $131.5m of unrealised losses, reflecting the market conditions (2021: gains of $171.9m or +3.3%).
  • Result on ordinary activities before tax and FX of -$92.8m (2021: +$247.1m) and result after tax of -$96.3m (2021: +$236.9m).
  • Return on net tangible assets of -3.6%3 (2021: +19.4%).
  • Capital position remains strong, with our capital surplus increasing to $709.8m (2021: $617.9m). Strong capital ratio4 of 152.8% (2021: 139.1%).
  • A highly successful second year of trading for Ki, recording GWP of $834.1m (2021: $395.6m), an increase at constant FX rates of 115.4%, and a combined ratio of 99.4%.
  • Key developments include:
    • Agreed the sale of our Ambridge MGA companies to Amynta Group;
    • Executed our catastrophe strategy;
    • Relaunched our Data and Digital strategy, supported by our new CTO and CDO; and
    • Continued to focus on our customers through claims innovation, including deploying our algorithm to enable a faster claims response following Hurricane Ian, and by launching the Direct Pay payment solution in the US.

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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. 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 (

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 2021 can be found by following the links below.

S172(1) Statments