Brit Insurance has today announced a proposal to bring together its Reinsurance and Global Markets strategic business units to form a single specialty underwriting franchise, called Brit Global Specialty. The objective of these changes is to make Brit stronger, better shaped for the future and with a clearer brand in the market.
It is proposed that the combined unit will operate from a single platform and will generate and manage a single P&L. This will simplify the existing structure and enable more effective management of risk appetite.
Matthew Wilson, currently Chief Executive of Global Markets and a member of the Executive Management Committee, would lead Brit Global Specialty and will report directly to the Group Chief Executive, Mark Cloutier.
Within Brit Global Specialty, it is proposed that the core underwriting activities will be organised in four divisions: Long Tail Insurance, led by Stephen Moss, Long Tail Reinsurance led by Simon Bird, Short Tail Insurance led by John King and Short Tail Reinsurance led by Jon Sullivan.
Jonathan Turner, currently Chief Executive of Reinsurance, had previously indicated to the Board his desire to seek fresh challenges and has taken this opportunity to leave the business. Under his tenure our relationship with Lloyds has improved significantly and the SBU under his direction has made excellent returns. The Company wishes him well for the future and is extremely grateful to him for his service and dedication to Brit.