Brit Global Specialty USA enters agreement with XL Catlin; Assumes exclusive renewal rights for legacy Catlin’s US yacht portfolio

24-07-2017

Brit Global Specialty USA enters agreement with XL Catlin; Assumes exclusive renewal rights for legacy Catlin’s US yacht portfolio

 

Brit Ltd (“Brit” or “the Group”) is pleased to announce that Brit Global Specialty USA (“BGSU”) has reached an agreement with XL Catlin for the exclusive renewal rights for part of its directly written yacht portfolio.

The agreement relates to legacy policies written by Catlin, prior to its acquisition by XL.

BGSU’s Yacht team will service existing legacy Catlin policies through to expiration, after which BGSU will provide renewal quotes to eligible customers.

This follows the appointments of Tom Carroll, as Senior Vice President, Marine and Craig McGinnes, as Vice President, Yacht, in 2016 to expand BGSU’s marine footprint in the US. Both Tom and Craig were previously at XL Catlin, and bring combined experience of over 50 years within the sector.

Nick Davies, President, Brit Americas, commented: “We have identified Marine as an important and attractive market for Brit in the US, and have seen encouraging growth since appointing Tom to establish and lead a team last year. This agreement with XL Catlin is a further positive step, enabling us to acquire the renewal rights to a high quality book of business well suited to the team’s expertise and experience.”

Matthew Wilson, CEO, Brit, added: “Brit has a long track record as a leader in Marine, and I’m delighted to see us building on this as we develop our recently launched US Marine platform. This is another example of our strategy to expand through opportunistic growth underpinned by strong underwriting.”

ENDS

For further information, please contact

FTI Consulting

+44 (0) 203 727 1046

Britinsurance@fticonsulting.com

About Brit

Brit is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit is a subsidiary of Fairfax Financial Holdings Limited.

About Brit Global Specialty USA

Brit Global Specialty USA (BGSU) underwrites on behalf of Brit Syndicate 2987, providing retailers and wholesalers with Lloyd’s financial strength and capabilities, AM Best ‘A’ (Excellent), Fitch A+ (Strong), Standard & Poor’s A+ (Strong).  BGSU offers insurance and reinsurance products on both an E&S and admitted basis, with a focus on Specialty Package and Property. BGSU is headquartered in Chicago, and has underwriting expertise in all US time zones.