Interim Report 2024

A strong performance underpinned by a clear strategic focus

Interim results for the six months ended 30 June 2024

Profit before tax from continuing operations increased to $362.4m (restated 30 June 2023: $300.0m)
Undiscounted combined ratio improved to 80.5% (restated 30 June 2023: 82.3%)
Discounted combined ratio improved to 70.1% (restated 30 June 2023: 72.0%)
Return on invested assets decreased to 2.0% (30 June 2023: 2.4%)
Insurance premium written decreased to $1,964.7m (30 June 2023: $2,021.3m)
Capital ratio increased to 167.7% (31 December 2023: 154.5%)
Key business developments include:
- Continued focus on underwriting capability development
- Continued successful delivery of our digital, data and artificial intelligence (AI) strategy
- Successful launch of Ki’s enhanced offering allowing brokers to access third-party digital capacity through the Ki platform

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Martin Thompson, Group CEO of Brit, commented:

‘I am pleased to report a strong overall performance for the first half of 2024, with an undiscounted combined ratio of 80.5% (restated 30 June 2023: 82.3%), discounted combined ratio of 70.1% (restated 30 June 2023: 72.0%), and a profit before tax from continuing operations of $362.4m (restated 30 June 2023: $300.0m). These results reflect our clear strategic focus on driving performance and profitability rather than targeting overall premium growth.

We continue to build on our solid foundations as we invest in our technology strategy, broker relationships and underwriting capabilities to build on the established leadership positions of these respective parts of the Group, while retaining our long-term focus on careful, proactive management of the insurance cycle.

Looking ahead to the second half of the year and beyond, our diversified and balanced portfolio makes us well placed to benefit from the breadth of Brit’s underwriting and our strong relationships, while remaining mindful of evolving market dynamics. Our strategy, positioning and unique culture gives me great confidence in the outlook for Brit.’

For further information, please contact:

Antony E Usher, Group Financial Controller, Brit Limited +44 (0) 20 3857 0000
Edward Berry, FTI Consulting +44 (0) 20 3727 1046
Tom Blackwell, FTI Consulting +44 (0) 20 3727 1051

Results for the year ended 31 December 2023

27-03-2024 |Financials

Interim Report 2023

15-09-2023 |Financials

Unaudited full year results for the year ended 31 December 2022

17-02-2023 |Financials

Interim results for the six months ended 30 June 2022

29-07-2022 |Financials

Unaudited full year results for the year ended 31 December 2021

11-02-2022 |Financials

A Fairfax Company

We Brit Insurance Services USA, Inc. d/b/a Brit Global Specialty USA, are a service company that is part of the Brit Global Specialty group of companies. We are regulated by state departments of insurance in our capacity as a Managing General Agent. We have authority to enter into contracts of insurance on behalf of the Lloyd’s underwriting members of Lloyd’s syndicates 2987 and 2988 which are managed by Brit Syndicates Limited. This material is intended to provide general information about Brit Insurance’s products and services. It is neither an offer to sell nor a solicitation to purchase any specific insurance product. Coverage may not be available in all US jurisdictions and are subject to legal and underwriting requirements. Any availability is on a surplus lines basis only through duly licensed producers. Inquiries about the products and services described herein should be directed to producers duly licensed in the relevant US jurisdiction.