Brit has released its interim results for the first six months of 2025, reporting a profit before tax of $307.7 million, up from $301.3 million during the same period in 2024.
Gross written premiums rose 8.3% to $1.69 billion, compared to $1.56 billion in the prior year.
The insurer reported an undiscounted combined ratio of 95.2%, against 80.8% a year earlier, while the discounted combined ratio stood at 87.4%, compared with 70.8% in the first half of 2024. Return on invested assets reached a non-annualised 4.7%, more than double the 2.0% recorded last year. The capital ratio increased to 191.7% as of June 30, 2025, from 157.2% at the end of December 2024.
In 2024, Brit reported a profit before tax of $362.4 million for the first six months, a significant increase compared to $300 million in the same period of 2023. That year also saw the company achieve an undiscounted combined ratio of 80.5% and a discounted combined ratio of 70.1%.
The company’s capital ratio in 2024 reached 167.7% as of June 30, up from 154.5% at year-end 2023. This upward trend continued into 2025, reflecting ongoing capital management initiatives, including the placement of a catastrophe bond and changes to senior unsecured notes.
Martin Thompson (pictured above), group CEO of Brit, said the group remains committed to its four strategic priorities: focus, capability, simplification, and culture.
“This has seen us continue to invest in our lead underwriting platform, including deploying new underwriting tools and capabilities across our product range, allowing us to increase the quality and speed of our service for customers and brokers,” Thompson said.
Brit highlighted several operational developments during the period. The company continued to invest in underwriting capabilities, introducing new tools designed to enhance risk selection and improve decision-making speed across its product lines. Its digital, data, and artificial intelligence strategy also remained a focus.
Brit Reinsurance (Bermuda) expanded its footprint in the first half of the year, supported by positive broker feedback and increased market engagement. The group also successfully sponsored and placed a catastrophe bond to broaden its capital resources.
Additionally, Brit became a primary co-obligor on two senior unsecured notes totalling CAD700 million, aimed at further strengthening its capital position.
“Looking ahead to the second half of the year and beyond, we remain mindful of shifting market dynamics. Our diversified and balanced portfolio, alongside our strong balance sheet, makes us well placed to manage the cycle effectively and, in turn, support our customers through our stability, service and expertise,” Thompson said.
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