Brit Re plans to expand its reinsurance portfolio in 2020, and will write a portfolio of US-based casualty excess of loss business, consisting of workers compensation, general casualty, and casualty clash exposure, the reinsurer said.
The decision comes following AM Best’s confirmation that it had assigned Brit Re a financial strength rating of A with a stable outlook, reflecting a balance sheet that the rating agency described as “very strong.”
Joe Bonanno will continue as chief underwriting officer and Karl Grieves remains in place as finance director of Brit Re. Bonanno has extensive experience underwriting casualty treaty reinsurance and, together with Grieves, will develop Brit Re’s underwriting strategy and operations, the reinsurer said.
Mark Allan, Brit’s CFO, said: “We have built out the capabilities of Brit’s Bermuda operation significantly over the last few years with our growing treaty presence, the redomiciliation of Brit Re and the launch of our ILS platform, Sussex Capital.”
Allan said AM Best’s rating allowed the reinsurer to access additional reinsurance business, which will complement its existing operation.
Brit Re, Mark Allan, Joe Bonanno, Karl Grieves, AM Best