Brit Ltd (“Brit” or “the Group”) is pleased to announce that A.M. Best has assigned a Financial Strength Rating of A (Excellent), with a ‘stable’ outlook, to Brit Reinsurance (Bermuda) Limited (“Brit Re”).
This rating reflects Brit Re’s balance sheet strength, which A.M Best assesses as ‘very strong’.
Following the assignment of this A.M. Best rating, Brit Re plans to expand its reinsurance portfolio in 2020. Brit Re will write a portfolio of US-based casualty excess of loss business, consisting of workers compensation, general casualty, and casualty clash exposure.
Joe Bonanno will continue as Chief Underwriting Officer and Karl Grieves will continue as Finance Director of Brit Re. Joe Bonanno has extensive experience underwriting casualty treaty reinsurance and, together with Karl Grieves, will develop Brit Re’s underwriting strategy and operations.
Mark Allan, CFO, Brit, said: “We have built out the capabilities of Brit’s Bermuda operation significantly over the last few years with our growing treaty presence, the redomiciliation of Brit Re and the launch of our ILS platform, Sussex Capital. We are pleased with A.M. Best’s rating which reflects the capital strength of Brit Re and which will allow us to access additional reinsurance business, complementing our existing operation. I am excited about the potential for Brit Re and look forward to continuing to work with Joe and Karl as they grow the business.”
Brit Re is a wholly-owned subsidiary of Brit.