The new line of business will focus on US and global Property D&F risks, with an emphasis on US-based complex risks. Target sectors include industrial, manufacturing and realty, among other industry verticals.
The launch comes as risk-adjusted global property-catastrophe reinsurance rates-on-line declined by an average of 14.7% at January 2026 renewals. Reductions across property-catastrophe, retrocession and direct and facultative lines have brought rates close to levels last seen four years ago.
Bermuda and London have been identified as key sources of new property market capacity, fueling rate reductions for well-managed risks in the US, UK, Europe and Australia.
Tom Ayton (pictured above), who previously worked at Brit's London office, will lead the new offering as vice president, property D&F. Ayton joined Brit in 2021 and has held Property D&F underwriting positions at Agora and Markel.
Jonathan Stephenson, Brit Re's head of office, said the move represents a planned step in expanding the company's Bermuda presence.
"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," Stephenson said. He added that establishing property D&F capabilities was "a natural and planned strategic next step" as the company builds out its operations through Brit Re.
Brit Re expanded its footprint in the first half of 2025, supported by positive broker feedback and increased market engagement.
Brit reported a profit before tax of US$307.7 million in H1 2025, up from US$301.3 million during the same period in 2024. Gross written premiums rose 8.3% to US$1.69 billion.
