Brit Insurance boasts COR of 86%

Brit insurance has recorded a £70m profit after tax in the first half of 2013, up 84% on the £38m the insurer reported over the same period last year.

The firm’s combined ratio improved, jumping almost seven points to 86%, from 92.8% for H1 2012.

Gross written premiums also went up, to £671m in H1 2013, up 2% since H1 2012.

The company attributed the positive result to recording fewer catastrophic and attritional claims. The attritional claims ratio improved to 51.5%, from 53.3% last year.

Brit Insurance group chief executive Mark Cloutier said: “This has been particularly pleasing, given current trading conditions for both our underwriting and investment portfolios. While it has been a relatively benign period in terms of catastrophe losses, we see the continued reduction of our attritional loss ratio, down to 51.5%, as the best evidence of the material improvements that have been made to our core portfolio and as strong vindication of the strategic changes we have implemented over the course of the past three years.

“Looking ahead, I am confident the strong platform we have now built as a global speciality underwriter and the momentum still to be captured by existing initiatives in 2013 and 2014, will see Brit continue to improve performance while at the same time exhibit the flexibility to take advantage of new opportunities, as we have successfully done throughout the first half of the year.”