Brit posts $567M in gross written premium for first quarter

Brit P.L.C. posted gross written premiums of £336.5 million ($567.0 million) for the first quarter of 2014, a 1.2% increase over the comparable period a year previously, the underwriter said in an interim management statement Tuesday.

Brit, which underwrites both insurance and reinsurance and has operations at Lloyd’s of London and in the United States, said in its statement that “the current market presents both challenges and opportunities.”

Across its book, rates fell overall by 2.5% in the first quarter of 2014, compared with an overall rate increase of 1.4% in the first quarter of 2013, the company said.

“In particular, property treaty and energy have experienced pressure on rates, partly offset by increases in a number of direct classes including marine, specialist liability” and business written by its U.S. specialty unit.

Brit said it had “immaterial exposure” to the loss of Malaysia Air flight 370 and the loss of a Korean ferry last month.

Brit also announced that it had signed an agreement to take on the underwriting team and assume the renewal rights of QBE Insurance Ltd.’s London-based dedicated Lloyd’s aviation business beginning June 1. Further terms of the deal were not disclosed.

Brit P.L.C., which formerly was based in the Netherlands and known as Brit Insurance Holdings N.V., listed on the London Stock Exchange in April.