Brit plc

Last updated
Brit Ltd
Company type Subsidiary
Industry Insurance
Founded1995
Headquarters London, UK
Key people
Richard Ward, (Chairman), Martin Thompson,(Group Chief Executive Officer)
Products Insurance, Reinsurance
Revenue £1,070.5 million (2014) [1]
£162.6 million (2014) [1]
£139.0 million (2014) [1]
Parent Fairfax Financial
Website 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.

Contents

History

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]

Operations

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]

Related Research Articles

<span class="mw-page-title-main">FTSE 100 Index</span> British stock market index

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie", is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chip companies listed on the London Stock Exchange.

<span class="mw-page-title-main">Legal & General</span> British multinational financial services company

Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and asset management company headquartered in London, England. Its products and services include investment management, lifetime mortgages, pensions, annuities, and life assurance. As of January 2020, it no longer provides general insurance following the sale of Legal & General Insurance to Allianz. It has operations in the United Kingdom and United States, with investment management businesses in the Gulf, Europe and Asia.

<span class="mw-page-title-main">Aviva</span> British insurance company

Aviva plc is a British multinational insurance company headquartered in London, England. It has about 19 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada.

<span class="mw-page-title-main">Fairfax Financial</span> Financial holding company based in Toronto, Ontario

Fairfax Financial Holdings Limited is a Canadian financial holding company based in Toronto, Ontario, engaged in property, casualty, insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through several subsidiaries, including Allied World, Odyssey Re, Northbridge Financial, Crum & Forster, Verassure Insurance, Onlia Agency Inc., and Zenith Insurance Company. The company was also the largest shareholder of Torstar with 40% of the Class B shares, as of May 2020.

DCC plc is a leading Irish international sales, marketing and support services group. Headquartered in Dublin, the Group operates across three sectors: energy, healthcare and technology. DCC plc is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Centrica plc is a British multinational energy and services company with its headquarters in Windsor, Berkshire. Its principal activity is the supply of electricity and gas to consumers in the United Kingdom and Ireland.

The Formula One Group is a group of companies responsible for the promotion of the FIA Formula One World Championship, and the exercising of the sport's commercial rights.

National Grid plc is a British multinational electricity and gas utility company headquartered in London, England. Its principal activities are in the United Kingdom, where it owns and operates electricity and natural gas transmission networks, and in the Northeastern United States, where as well as operating transmission networks, the company produces and supplies electricity and gas, providing both to customers in New York and Massachusetts.

Standard Life is a life assurance, pensions and long-terms savings company in the UK which is owned by Phoenix Group.

<span class="mw-page-title-main">IG Group</span> British online trading company

IG Group Holdings plc, trading as IG Group, is a United Kingdom-based online trading provider, offering access to spread betting and CFD trading, which allow traders to bet on the direction of equities, bonds and currencies without owning the underlying assets.

<span class="mw-page-title-main">Nine Entertainment</span> Australian media and entertainment company

Nine Entertainment is an Australian publicly listed mass media company with holdings in radio and television broadcasting, publishing and digital media. It uses Nine as its corporate branding and also prefers this usage to be used for the parent company.

<span class="mw-page-title-main">Fairfax Media</span> Australian media company

Fairfax Media was a media company in Australia and New Zealand, with investments in newspaper, magazines, radio and digital properties. The company was founded by John Fairfax as John Fairfax and Sons, who purchased The Sydney Morning Herald in 1841. The Fairfax family retained control of the business until late in the 20th century.

<span class="mw-page-title-main">London Stock Exchange Group</span> British financial services company

London Stock Exchange Group plc, also known as LSEG, is a global provider of financial markets data and infrastructure. Headquartered in the City of London, England. It owns the London Stock Exchange, Refinitiv, LSEG Technology, FTSE Russell, and majority stakes in LCH and Tradeweb.

<span class="mw-page-title-main">Apollo Global Management</span> American private equity company

Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. As of 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.

<span class="mw-page-title-main">Assura plc</span>

Assura PLC is a British-based property business headquartered in Altrincham. It designs, builds, invests in and manages General Practitioner ('GP') and primary care buildings in the UK. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

Sanlam Kenya plc is an insurance, investment and retirement group based in Kenya.

Virgin Money UK plc, previously known as CYBG plc, is a holding company that owns Clydesdale Bank plc, which in turn trades as Clydesdale Bank, Yorkshire Bank and Virgin Money in the United Kingdom. It was formed as CYBG plc by National Australia Bank (NAB) in February 2016, in advance of the divestment of its UK business through a stock market flotation. It is listed on the London Stock Exchange and Australian Securities Exchange; it is also a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Clive Bannister</span>

Clive Bannister is the chair of the Museum of London, chair of Rathbones and chair of Beazley. He was formerly an insurance executive and banker.

<span class="mw-page-title-main">Abrdn</span> UK based investment company

Abrdn plc, formerly Standard Life Aberdeen plc, is a United Kingdom-based global investment company headquartered in Edinburgh, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

References

  1. 1 2 3 "Annual Report 2014". Brit. Retrieved 24 March 2015.
  2. 1 2 3 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. Archived from the original on 14 March 2011. Retrieved 24 March 2011.
  5. 1 2 "Brit sells to RiverStone". Insurance Age. 18 June 2012. Retrieved 14 June 2015.
  6. "Apollo, CVC Raise $398.5 Million in Brit Insurance IPO". Insurance Journal. 28 March 2014. Retrieved 24 June 2014.
  7. "Brit Insurance agrees to £1.22bn takeover by Canadian rival". The Telegraph. 17 February 2015. Retrieved 14 June 2015.