Move makes Brit a Lloyd’s-only underwriter
Brit has sold Brit Insurance Limited (BIL), its UK holding company, to run-off manager RiverStone.
The company said the deal completes its restructuring. The transaction is expected to complete in the fourth quarter of this year.
The sale means Brit will now underwrite solely from its Lloyd’s syndicate, 2987.
BIL previously housed Brit’s UK regional business. However, Brit sold the renewal rights to this business to QBE in April. This left BIL with the outstanding claims and liabilities from the UK regional business.
Brit will retain the the liabilities and claims handling for certain business currently within BIL which relate to the ongoing business being written at Syndicate 2987.
Brit chief executive Mark Cloutier said: “The sale of BIL is a significant milestone in our journey to restructure our capital base and to establish a leading position as a focused global specialty underwriter.
“We have undertaken a significant reorganisation of the group over the last year, and following the transfer of Brit’s UK regional business to QBE in April; this transaction allows us to focus on growing our core global specialty business through our Lloyd’s platform, as Brit Global Specialty.”
He added: “We are pleased with the outcome of our restructuring efforts whereby through the combination of this transaction and the earlier QBE deal we have realised a meaningful premium to book value for BIL and our UK division.”
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