Brit Insurance profits rise after focusing on Lloyd’s of London

BRIT Insurance yesterday said post-tax profits rose from £76m to £84.7m in 2012 after it relaunched its business around its Lloyd’s of London underwriting syndicate.

Last year it sold its consumer-facing UK division to QBE, allowing it to become a specialist insurer and reinsurer on the London market.

The company’s combined ratio – a measure of underwriting profitability – fell to 93.2 per cent from 99.6 per cent, despite being hit by superstorm Sandy.

“2012 was a transformational and successful year for Brit,” said chief executive Mark Cloutier.