Brit PLC, a global specialty insurer and reinsurer focused on property, casualty and energy, will snatch up QBE Underwriting Ltd.’s renewal rights to its London-based Lloyd’s Aviation Business.
Financial details aren’t being disclosed, but the agreement calls for transferring all of QBE’s London-based aviation underwriting and claims staff to Brit PLC. Brit PLC said it will begin writing renewals on the assumed business starting in June.
Matthew Wilson, CEO of Brit Global Specialty, said the deal highlights his company’s commitment “to grow opportunistically and profitability,” and said it served as a great opportunity “to assume a market leading team of highly experienced underwriters in a business line where Lloyd’s has a significant scale and relevance” globally.
Separately, the company celebrated the launch of its new Bermuda office, which it said it wrote over $16 million in premium during the first three months of 2014. Building on that momentum, Brit PLC said it is on track to launch its Miami-based Latin American Office, furthering that expansion.
Brit PLC “has made a good start to the year,” Group CEO Mark Cloutier said in a statement.
The announcement comes as Brit PLC discloses interim results for the most recent quarter (ending March 31, 2014), and the numbers are generally good.
The company said it produced £336.5 million in gross written premiums during the quarter (almost $556.2 million), up 1.2% over £332.6 million ($559.6 million) from the same period last year.
Broken down, the big gains came from Brit Global Specialty Dierct, which generated £215.7 million ($362.9 million) in gross written premium during the quarter, versus £199.4 million ($335.5 million) during the equivalent 2013 quarter. Executives credited growth in its Chicago-based service platform for the gains.
Its Brit Global Specialty Reinsurance arm suffered, however, generating £120.8 million ($203.25 million) in gross written premium during the most recent quarter, a year-over-year drop of 9.3 percent from £133.21 million ($224.1 million) in gross written premium in the same period in 2013. A challenging market is to blame, the company said, partially offset by gains in its Bermuda business.
Brit PLC is a global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, and a significant U.S. and international reach. The Brit Group underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Brit PLC is listed on the London Stock Exchange.