BRIT PROFITS SURGE AS RATES RISE

Brit swung to profit in the first six months of the year as it benefitted from increased written premiums and lower attritional loss ratio. The London-based specialty re/insurer reported a profit after tax of $204m in the six-month period compared with a $227m loss a year earlier. Gross written premiums increased 11.7% at constant exchange rates to $1.46bn, with growth across its core direct and reinsurance books, supported by accelerating rates and “targeted growth”.