Brit 2987 combined ratio deteriorates to 92.3% in 2024

By Michael Jones

March 20 - (The Insurer) - Brit Syndicate 2987 has reported a combined ratio of 92.3% for 2024, a 1.5 percentage point deterioration on the prior year.

This was equivalent to an underwriting result of $141.30 million, down 13.3% from the $162.95 million recorded in 2023.

The syndicate's technical result fell to $280.08 million in 2024 from the prior year’s $305.92 million. The non-technical result deteriorated to a loss of $42.45 million compared to 2023’s profit of $9.29 million.

This meant Syndicate 2987’s overall profit for 2024 was $237.63 million, a decrease of 24.6% on the prior year.

Gross written premiums increased by 4.5% year on year to $2.86 billion.

Direct business GWP rose by 10.4% to $2.07 billion, while reinsurance GWP contracted by 4.7% to $714.66 million.

The largest growth was seen in its property insurance line, with GWP rising by 29.4% year on year to $638.42 million.

Financial and professional liability reported $510.59 million in GWP for 2024, an increase of 11.8% on 2023.

On the reinsurance side, property treaty GWP increased by 16.5% to $395.11 million in 2024. However, this growth was more than offset by the 22.2% decrease in casualty treaty GWP to $319.56 million.

The reduction in casualty treaty was primarily driven by long-tail pro rata classes due to adverse premiums development following lower-than-expected signings, with “key clients missing premium targets due to challenging market conditions seen in 2023".