Brit Group Holdings is adding property direct and facultative underwriting in Bermuda through Brit Re, expanding its footprint in a market that keeps pulling in commercial risk capital.
The platform will start writing US and global property D&F business in January, with an emphasis on complex, US-based exposures that don’t always fit cleanly into standard programmes.
The underwriting appetite targets industrial, manufacturing, and realty risks, plus other industry verticals where structures get technical and placements turn bespoke.
According to Beinsure analysts, that mix mirrors where Bermuda capacity has been gravitating lately – fewer vanilla placements, more engineered risk.
Tom Ayton will run the new property D&F offering as vice-president and has relocated from Brit’s London office to do it. He joined the Brit group in 2021 and previously underwrote property D&F at Agora and Markel, experience that skews practical rather than theoretical, which matters in this corner of the market.
Jonathan Stephenson, head of office at Brit Re, says Bermuda’s commercial insurance market keeps expanding and that Brit’s balance sheet and brand give it room to compete without forcing the issue. He frames the launch as a planned step in building out Brit’s Bermuda presence, not a reaction play, not a rush job.
The commercial insurance market in Bermuda continues to expand, and we believe Brit’s brand, financial strength and reputation make it well placed to be part of this.
Jonathan Stephenson, Brit Re’s head of office
“Establishing a property D&F proposition was a natural and planned strategic next step as we execute our buildout of Brit’s presence in Bermuda through Brit Re,” Jonathan Stephenson says.
Stephenson adds that establishing a property D&F proposition fits the wider buildout strategy for Brit Re on the island. The company expects to work alongside existing market participants as capacity grows and structures get more complex.
Maybe that sounds routine. Still, property D&F remains one of the sharper tools in Bermuda’s kit, and Brit clearly wants a seat at that table.
Brit Re was incorporated in 2007 and holds a Class 4 licence issued by the Bermuda Monetary Authority to underwrite (re)insurance business and holds a Financial Strength Rating and a Long-Term Issuer Credit Rating both of ‘A’ (Excellent) from A.M Best.
The ratings reflect Brit Re’s balance sheet strength, which AM Best assesses as very strong.
At Brit Re, we provide (re)insurance solutions for clients based in the US and Bermuda, underwriting a diversified portfolio of property, casualty and specialty business both domestically and globally. We can also consider international business.
“We aim to add value for our clients, using our extensive experience in the class and our market leading claims service to deliver long term successful partnerships,” company said.
