Brit eyes offshore cat arm after storms ravage profits
After a devastating year of storms in 2005, Brit Insurance Holdings is to significantly reduce its c...
After a devastating year of storms in 2005, Brit Insurance Holdings is to significantly reduce its catastrophe risk this year.
The storms, notably Hurricane Katrina, blew a hole in its profits, and the insurer's board has decided to steer away its premiums from such risky territory. It aims to make a reduction of: 96% in catastrophe retrocessional exposure by 1 July; 33% in property reinsurance exposure; 30% in US direct property; and, 40% in energy offshore exposure.
The insurer is investigating
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Commercial
Ex-Jensten duo to launch SME MGA with Mission
Managing General Agent incubator Mission has announced that it has reached an agreement to support a new team in launching Kovrilo, a UK MGA that will provide a range of commercial insurance products tailored to SME clients.
Tuplin exits Everywhen
Richard Tuplin, CEO of general insurance broking at Everywhen, is leaving Ardonagh, Insurance Age can reveal.
End of Year Review 2025: Iprism’s Bradley Harmer
Bradley Harmer, chief commercial officer at Iprism, notes an influx of new capacity providers and MGAs entering an already saturated space and hails the promotion of Georgina Davis as a Zurich regional head at 28.
End of Year Review 2025: Granite Underwriting’s Jay Rennie
Jay Rennie, head of specialist products at Granite Underwriting, calls out the withholding of claims histories in the fleet space and dusts off the bucket hat, cagoule and samba trainers to spend an evening with Liam Gallagher.
Commercial transformation boss Flynn to leave Intact UK
Intact UK’s commercial lines chief transformation director Rob Flynn is set to become the latest senior figure to leave the business in the wake of integration with NIG, Insurance Age has learned.
End of Year Review 2025: Jensten Group’s Jonathan Skinner
Jonathan Skinner, group markets director, Jensten Group is impressed by Dame Sue Langley becoming Lady Mayor of London; raises an eyebrow over John Neal's non moves to Aon and AIG; and predicts a composite insurer will acquire a listed Lloyd’s vehicle.
End of Year Review 2025: Ecclesiastical’s David Carey
David Carey, managing director of Ecclesiastical’s intermediary business applauds the £10m landmark reached by Insurance United Against Dementia, cautions against a one dimensional approach to risk pricing; and gets misty eyed about ‘Madchester’.
Clear moves into Scotland with Cairn Corporate buy
Clear Group has made its first purchase in Scotland snapping up commercial broker Cairn Corporate based in Kirkcaldy, Fife.