Brit Ltd, which has operations in Bermuda, has reported profit before tax from continuing operations of $362.4 million in the first half of the year.

That compares with profit before tax of $300 million in the first half of 2023.

Brit Reinsurance (Bermuda) Ltd is a Class 3B insurer licensed by the Bermuda Monetary Authority.

The company reported an undiscounted combined ratio of 80.5 per cent (H1 2023: 82.3 per cent), and a discounted combined ratio of 70.1 per cent (H1 2023: 72 per cent),

Brit’s return on invested assets decreased to 2 per cent from 2.4 per cent in the prior-year first half.

Insurance premium written decreased to $1.96 billion from $2.02 billion in the first half of 2023.

The company’s capital ratio increased to 167.7 per cent compared with 154.5 per cent at year-end 2023.

Martin Thompson, group CEO of Brit, said: “These results reflect our clear strategic focus on driving performance and profitability rather than targeting overall premium growth.

“We continue to build on our solid foundations as we invest in our technology strategy, broker relationships and underwriting capabilities to build on the established leadership positions of these respective parts of the group, while retaining our long-term focus on careful, proactive management of the insurance cycle.

“Looking ahead to the second half of the year and beyond, our diversified and balanced portfolio makes us well placed to benefit from the breadth of Brit’s underwriting and our strong relationships, while remaining mindful of evolving market dynamics. Our strategy, positioning and unique culture gives me great confidence in the outlook for Brit.”