Financial Performance in 2024
Brit Insurance has reported a significant increase in its profit before tax from continuing operations, reaching $661 million in 2024, compared to $623.9 million in the previous year. The company’s insurance premiums written also saw growth, expanding to $3.78 billion.
The firm’s discounted combined ratio for continuing business improved to 75.7% in 2024, down from 76.2% in 2023. However, the undiscounted combined ratio slightly increased to 85.9% from 85.3% in the previous year.
Brit’s insurance service result showed a profit of $674.8 million, up from $649.5 million in 2023. Additionally, the company achieved a robust investment return of $347.7 million for the year.
Strategic Developments and Leadership Comments
The year 2024 marked several key strategic developments for Brit Insurance, including the establishment of Ki as a standalone operation within Brit Limited and Fairfax Groups, and the launch of Brit Re, a significant step in their strategic expansion in Bermuda.
Martin Thompson, Group Chief Executive Officer at Brit, emphasized the importance of building on the company’s position as a leading market player. He stated, “Building on Brit’s position and reputation as a lead market is an essential priority and we are more active than ever in influencing and shaping the market, driving terms and price across all lines that merit focus.”
Thompson praised the high quality of Brit’s underwriting and claims teams, attributing their success to a sharpened focus on developing market-leading underwriting capabilities. He also highlighted the importance of strong broker relationships and the advancements made in digital and data-enabled capabilities, marked by the delivery of a foundational cloud-native modern data platform.
Looking Ahead
Thompson expressed aspirations for Brit to be a long-term winner in the Lloyd’s market, supported by a clear strategic focus on lead underwriting to drive sustainable performance and profitability. He remarked on the company’s strong 2024 results and their role in establishing a foundation for future success through Syndicate 2987.
Moving forward into 2025, Brit will continue to invest in its technology strategy, broker relationships, and underwriting capabilities. Thompson noted the importance of careful management of the insurance cycle and remaining mindful of shifting market dynamics, particularly in light of challenges like the recent California wildfires.
He concluded, “Our diversified and balanced portfolio makes us well placed to support our customers through Brit’s underwriting and claims expertise. This, together with our strategy and unique culture, gives me great confidence in the outlook for Brit.“
