BRIT POSTS $218M H1 LOSS AMID COVID TURMOIL

Brit reported a pre-tax loss of $218m in the first half of the year as it was hit by more than $240m in Covid-19 claims and investment losses. But the specialty re/insurer saw a four-point improvement in its attritional loss ratio to 52%, on the back of improving market conditions and “rigorous” risk selection. Written premiums increased 6.5% at constant exchange rates to $1.28bn in the six-month period as it benefitted from 8.2% increase in risk adjusted rates. But $128m of claims related to Covid-19 added more than 15 points to the company’s combined ratio, which rose to 106.7% for the half year. This compared with 94.4% in the first half of 2019. Investment market turmoil in the wake of the pandemic resulted in a negative investment return of $120m, driven by falls in Brit’s equity holdings.