Brit sells to RiverStone
Brit Group has agreed to sell Brit Insurance Limited (BIL), its Financial Services Authority regulated insurance company, to run-off specialists RiverStone Group.
The move follows the takeover of Brit's UK regional business by QBE in April.
According to Brit Group, following the sale it will focus on being a global speciality (re)insurer underwriting on its Lloyd's platform, as Brit Global Specialty.
As a result of the transaction, Brit Group will retain the liabilities and claims handling for certain business currently within BIL which relate to the group's ongoing core business now being written into Brit's Lloyd's syndicate 2987. The group's intention
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