Brit plc

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Brit plc
Type Public limited company
Traded as LSEBRIT
Industry Insurance
Founded 1995
Headquarters Amsterdam, Netherlands
Key people Richard Ward, (Chairman)
Mark Cloutier, (CEO)
Products Insurance, Reinsurance
Revenue £1,017.8 million (2013)[1]
Operating income £126.6 million (2013)[1]
Net income £101.7 million (2013)[1]
Website www.britinsurance.com

Brit plc is an international general insurance and reinsurance group specialising in commercial insurance. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History[edit]

The Company was founded as Benfield & Rea Investment Trust in 1995.[2] In 1996 it acquired Stewart Syndicates Limited and in 1999 it went on to buy Wren PLC.[2] In 1999 it ceased to be an investment trust and relisted as Brit Insurance Holdings PLC.[2]

Achilles Netherlands Holdings B.V., a company formed by funds managed by private equity firms Apollo Management and CVC Capital Partners, agreed to acquire the firm for £888 million in October 2010.[3] Its offer was declared unconditional in March 2011 and following this Brit Insurance was removed from the FTSE 250 Index.[4]

On 18 June 2012 Brit announced the sale of its subsidiary Brit Insurance Limited (BIL) to RiverStone Group.[5] The company was subject to an Initial Public Offering in March 2014.[6]

Operations[edit]

Brit has a diversified portfolio of businesses both in terms of geographic location and types of business. Business is written through two underwriting platforms – Brit Insurance Limited and Lloyd's Syndicate 2987. The Group has a wholly owned intra-group reinsurer, Brit Insurance (Gibraltar) PPC Limited, which is licensed and regulated by the Gibraltar Financial Services Commission.

The group has operations in London, Amsterdam, Gibraltar, Chicago, Houston, Tokyo, and Richmond, Virginia.

References[edit]

  1. ^ a b c "Preliminary Results for year ended 31 December 2013". Brit. Retrieved 25 June 2014. 
  2. ^ a b c Brit Insurance History
  3. ^ Davies, Paul J. (25 October 2010). "Brit Insurance agrees sale to CVC and Apollo". Financial Times. Retrieved 24 March 2011. 
  4. ^ "Brit Insurance Holdings PLC (UK): Offer by Achilles Netherlands Holdings N.V. (Non-Constituent) Declared Wholly Unconditional – Changes In FTSE Indices". FTSE Group. 9 March 2011. Retrieved 24 March 2011. 
  5. ^ "News". Brit Insurance. 2014-03-31. Retrieved 2014-06-25. 
  6. ^ "Apollo, CVC Raise $398.5 Million in Brit Insurance IPO". Insurance Journal. 28 March 2014. Retrieved 24 June 2014. 

External links[edit]