Brit announces latest financial results

Other key points for FY22 include:

• Risk-adjusted renewal rate increases of 12.4% (2021: 12.9%), a cumulative increase since January 1, 2018 of 54.1%;
• Strong turnover rate for the full year of 51.0% (2021: 47.7%);
• The capital position remains strong, with excess capital increasing to $709.8 million (2021: $617.9 million) and a strong capital ratio of 152.8% (2021: 139.1%); And
• A highly successful second year of trading for Ki with a GWP of US$834.1 million (2021: US$395.6 million), a 115.4% increase in constant currency and a combined ratio of 99, 4%

Business development of Brit for the year ended 31 December 2022

Brit’s key developments for FY22 include:

• Approve Sale of UK Ambridge MGA Businesses to Amynta Group;
• Executed his disaster strategy;
• Relaunch of its data and digital strategy, supported by its new CTO and CDO; And
• Continued to focus on its customers through claims innovations, including the deployment of an algorithm to enable faster response to claims following Hurricane Ian and the launch of the Direct Pay payment solution in the US.

Commenting on the latest financial results, Brit Group CEO Martin Thompson said: “In a year that saw significant losses from natural catastrophes and the Ukraine crisis, this is a robust result and a testament to our underwriting discipline, eh is also reflected in our healthy fluctuation rate.

“The major loss events of 2022 have brought into focus the critical role insurance plays in times of crisis, and our ability to provide a world-class claims service remains the focus. We have supported our clients when they needed it most, with innovation at the heart of our approach to entitlement. Immediately after Hurricane Ian, using our proprietary machine learning algorithm coupled with ultra-high resolution aerial imagery, we were able to make our first claims payments a week after the event.”

Brit’s goals for 2023

Brit will prioritize its technology and data strategy in 2023 to help it become a leading underwriter.

“Through this strategy, we will deliver an innovative, data-driven and technology-enabled platform that enables our underwriting and claims teams to thrive,” said Thompson.

Thompson noted several challenges and uncertainties facing the insurance industry due to volatile geopolitical and economic landscapes, including ongoing inflationary pressures.

“Moreover, major challenges remain, such as B. the potential for increased frequency and magnitude of major catastrophe events, overcapacity, the cost of doing business in the London market and increasing competition,” he continued. “However, against this backdrop, we believe Brit is uniquely positioned. We have an enviable size and reputation as a lead market, a clear digital and data strategy that will make us more efficient and easier to do business, and a proven commitment to investing in innovative solutions that improve outcomes for our clients. This is underpinned by a differentiated culture and some of the best talent in the industry; Overall, we are excited to see how Brit is positioned to respond to the opportunities and challenges ahead.”