| Brit Ltd | |
| Foundation: | 1995 |
| Location: | London, UK |
| Key People: | Richard Ward, (Chairman), Martin Thompson,(Group Chief Executive Officer) |
| Industry: | Insurance |
| Products: | Insurance, Reinsurance |
| Revenue: | £1,070.5 million (2014)[1] |
| Operating Income: | £162.6 million (2014) |
| Net Income: | £139.0 million (2014) |
| Parent: | Fairfax Financial |
| Homepage: | www.britinsurance.com |
Brit is an international general insurance and reinsurance group specialising in commercial insurance. It was acquired by Fairfax Financial in May 2015.
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]
The company was acquired by Fairfax Financial in May 2015.[7]
Brit has a diversified portfolio of businesses both in terms of geographic location and types of business. Business is written through Lloyd's Syndicate 2987.[5]