LLOYD’S SECOND CAPACITY AUCTION SEES STRONG DEMAND

Brit reported a combined ratio of 114.0% for the third quarter of the year, widening from 104.1% in the year-ago period. The specialty re/insurer booked gross written premiums of $602.4m, rising sharply from the $530.5m in the year-ago period. Written premiums rose to $487.2m from $413.9m over the period. “In the third quarter of 2020, all of our insurance companies achieved a combined ratio below 100%, except for Brit,” said Prem Watsa, chairman and chief of Fairfax, Brit’s parent company. “Our consolidated combined ratio of 98.5% in the third quarter of 2020 included catastrophe losses of $219m, or 6.1 combined ratio points and Covid-19 losses of $143m or 4.0 combined ratio points,” Watsa said.