Brit Ltd., the London-based specialty insurer and reinsurer, announced it has made a significant strategic investment in Sutton Special Risk Inc. Financial details of the deal were not released.
Toronto-based Sutton is a managing general underwriter (MGU), specializing in accident & health business, with over 40 years of experience as a Lloyd’s coverholder and a strong presence in Canada and the United States, said Brit, noting that Sutton has been an important trading partner for Brit for the last 16 years.
Brit said the investment continues its selective international expansion through niche specialty businesses with excellent distribution and underwriting capabilities.
Sutton will retain its independence, continuing to underwrite as an MGU on behalf of its existing broad panel of Lloyd’s syndicates and international carriers.
Founded in 1978 by William J. Sutton, Sutton underwrites accident, health & special risk products with a team of 40 employees based in Toronto, New York and London. It has projected premiums for 2019 of over C$60 million (US$45 million).
“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 U.S. and London,” said Matthew Wilson, CEO, Brit, which is a subsidiary of Fairfax Financial Holdings.
“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,” he added.
“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,” Wilson 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,” commented Greg Sutton, CEO of Sutton Special Risk.
Prem Watsa, chairman and CEO of Fairfax Financial Holdings Ltd., commented: “We are pleased to be partners with Greg Sutton, CEO of Sutton. I have got to know Greg over the past year and am impressed with his integrity, creativity and track record.”
Source: Brit Ltd.
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