Martin Thompson, Group CEO of Brit, commented:
'In the first half of 2025, Brit's profit before tax increased to $307.7m, reflecting a positive underwriting result and a strong investment performance. Against a backdrop of significantly increased major loss activity and more challenging market conditions, our insurance service result of $138.1m and our undiscounted combined ratio of 95.2% demonstrate our underwriting discipline and our focus on areas in which we can deliver differentiated performance.
We remain focused on our four strategic pillars: Focus; Capability; Simplification; and Culture. This has seen us continue to invest in our lead underwriting platform, including deploying new underwriting tools and capabilities across our product range, allowing us to increase the quality and speed of our service for customers and brokers. We are also committed to ensuring our leadership in underwriting is matched by our leadership in claims, and our technology strategy is aimed at making sure our entire business is powered by best-in-class data, analytics and processes.
It is also pleasing to see the strategic expansion of Brit Re, our Bermuda operation, continuing to gain traction. We believe that there is a real opportunity to meaningfully build out this part of our business, and have been encouraged by the reception we have received from brokers and trading partners. The start of 2025 also saw Ki begin operating as a standalone company within the Fairfax Group, enabling both Brit and Ki to further focus on their strengths in lead and follow respectively.
Looking ahead to the second half of the year and beyond, we remain mindful of shifting market dynamics. Our diversified and balanced portfolio, alongside our strong balance sheet, makes us well placed to manage the cycle effectively and, in turn, support our customers through our stability, service and expertise. This, our clear strategy and our unique culture gives us continued confidence in the outlook for Brit.