Group chief executive Mark Cloutier said it has been “a good start to the year”
Brit has reported a 1.2% increase in gross written premium (GWP) over the first three months of 2014.
The insurer wrote £336.5m GWP in Q1 2014, compared with £332.6m for the same period in 2013.
On a constant exchange rate basis, premium growth was reported as 6.5%.
Group chief executive Mark Cloutier said: “The group has made a good start to the year and we are delighted to announce our first interim management statement as Brit PLC. Top line premium growth of 6.5% on a constant exchange rate basis reflects the success of new initiatives and team hires made in 2013.”
The growth in premium was achieved despite rates falling by an average of 2.5%, although Brit said this was in line with expectations.
Brit has also agreed a deal to buy the renewal rights for the aviation portfolio of QBE.
Brit Global Specialty chief executive Matthew Wilson said: “This transaction presents an excellent opportunity for Brit to assume a market leading team of highly experienced underwriters in a business line where Lloyd’s has significant scale and relevance on a global basis. This type of transaction once again highlights Brit’s commitment to growing opportunistically and profitably.
“The further diversification that this line of business brings to the group, alongside Brit’s attractive Lloyd’s capital structure and scalable operating platform, gives us confidence that this will be accretive to the group in the short term.”
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