Global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, Brit Ltd., has recorded a combined ratio of 90.8% in its Q123 results.
The combined ratio figure represents an improvement from the prior year’s quarter which came in at 91.8%.
At the same time, the re/insurer reported $644 million in net premiums written for the quarter, a 2.2% increase from $630.2 million in the prior year quarter.
Gross premiums written for Q1 also increased by 1.1% to $895.1 million, compared to $885.4 million from Q122.
In their FY22 results, Brit reported a strong and robust underwriting result with a profit of $95.4 million, along with a combined ratio of 96.6%, compared to the $90.6 million reported in 2021 with a combined ratio of 95.7%.
Meanwhile, FairFax recently posted its Q123 results with the company reporting net earnings of $1,250 million compared to net earnings of $588.7 million in Q122.