Brit Insurance

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Brit Insurance Holdings
Type Private
Industry Insurance
Founded 1995
Headquarters Amsterdam, Netherlands
Key people Nick Prettejohn, (Chairman)
Products Insurance, Reinsurance
Revenue £1,489.4 million (2012)
Net income £76.0 million (2010)
Website www.britinsurance.com

Brit Insurance Holdings B.V. is an international general insurance and reinsurance group specialising in commercial insurance. It is privately owned by Achilles,[1] a consortium of two private equity companies, Apollo Management and CVC Capital Partners.

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] In 2009, Brit Insurance Holdings N.V. became the new holding company of the Group. The company is incorporated in the Netherlands, and listed in the UK.

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 Group announced the sale of its subsidiary Brit Insurance Limited (BIL) to RiverStone Group[5] with a view to focusing on its Lloyd's underwriting business..

Operations

Brit Insurance 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.

Sponsorship

Brit Insurance is the principal sponsor of the England Cricket teams, a four-year deal that began in January 2010. In 2010 Brit Insurance became principal partner of the “Chance to Shine” campaign, including the Brit Insurance National Cricket Day and the Brit Insurance Annual Achievement Awards.

References

  1. ↑ http://www.investegate.co.uk/article.aspx?id=20120404070057H9844
  2. ↑ 2.0 2.1 2.2 Brit Insurance History
  3. ↑ Davies, Paul J. (25 October 2010). "Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article – http://www.ft.com/cms/s/0/e511f7da-e06a-11df-99a3-00144feabdc0.html#ixzz1HYcW2Nva 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. ↑ http://www.britinsurance.com/en/media/news/Sale-of-Brit-Insurance-Limited.aspx

External links

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