Brit Limited, a UK-based specialty insurer and reinsurer, has invested in Sutton Special Risk, a managing general underwriter (MGU), specializing in accident & health business, with more than 40 years of experience as Lloyd’s coverholder.
Brit stated that Sutton has been one of its important trading partners for the past 16 years. With the investment, Brit plans to tap Sutton’s presence across Canada and the US. Financial details about Brit’s investment in Sutton were not disclosed.
Established in 1978 by William Sutton, the company offers accident, health & special risk products with a team of 40 employees based in Toronto, New York and London. Its projected premiums for this year are more than C$60m ($45.35m).
Brit CEO Matthew Wilson said: “We are delighted to announce our investment in Sutton. Greg Sutton and his team have built a profitable business with a highly regarded specialist offering, well-established in Canada and now in the US and London.
“This investment is also closely aligned to our strategy of broadening our global distribution network, while Sutton’s 40 year heritage as a leading London Market coverholder also reflects our confidence in our Lloyd’s platform.”
“Over the past 16 years we have enjoyed working closely with Greg and his team, and this investment will create new opportunities for both organisations to further develop our collective capabilities for the benefit of our clients. I look forward to continuing this strong relationship in the future as we look to support the team to further expand Sutton’s offering and platform.”
After the investment, Sutton will still retain its independence and continue to underwrite as an MGU on behalf of its existing broad panel of Lloyd’s syndicates and international carriers.
Sutton Special Risk CEO Greg Sutton said: “I am excited by this opportunity to strengthen our relationship with Brit. They have been a valuable strategic partner of Sutton for many years, and their investment will enhance our ability to serve our global client base.
“Brit’s commitment to innovation, product development and distribution aligns closely with our own vision and will ensure we continue to deliver best in class solutions to meet our customers’ needs.”
Last year, Brit partnered with Schillings to create a comprehensive kidnap for ransom offering. The company estimated that about 30,000 incidents of kidnap for ransom take place every year, with about 1,000 of these involving foreign nationals.