Brit combined ratio deteriorates to 97.2% in Q4
By Michael Jones
Feb 14 - (The Insurer) - Brit Insurance has posted an undiscounted combined ratio of 97.2% in the fourth quarter of 2024, an 8.9%age point increase on the prior-year period.
FY 2024 CR 93.6% (FY 2023 CR: 91.9%)
Q4 2024 GWP up 14.6% to $915.9 million
Fairfax increases Brit ownership to 100%
Reported as part of a limited disclosure in parent Fairfax Financial’s Q4 2024 results, Brit saw its full year 2024 combined ratio deteriorate by 1.7 percentage points year-on-year to 93.6%.
Excluding Ki Insurance, which separated from Brit on 1 January 2025, Brit’s undiscounted combined ratios were 94.2% for the fourth quarter and 92.2% for the 2024 full year.
Fourth quarter gross written premiums grew 14.6% on the prior year period to $915.9 million, while full year 2024 premiums were up 0.8% to $3.76bn.
Excluding Ki, gross written premiums increased by 17.4% in the fourth quarter and 3.7% in the full year 2024.
Net premiums written increased 14.7% to $787.7 million in the fourth quarter, while full year 2024 premiums were up 5.8% to $3.16bn.
Fairfax Financial also disclosed that on 13 December 2024 it purchased the remaining share of Brit from previous minority shareholder, Omers Administration Corporation.
This has increased Fairfax’s ownership interest from 86.2% to 100%.
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