The company reported a profit on ordinary activities before tax of $247.1 million against a pre-tax loss of $235.5 million in 2020.
Brit Limited further reported gross written premiums of $3,238.8 million against $2,424,2 million in 2020.
The company noted adjusted net tangible assets of $1,740.6 million against $1,436.8 million in 2020.
The firm also reported a capital surplus increase of 81.2% to $617.9 million against $341 million in 2020.
Fairfax owns 86.20% of Brit Limited.
“I am pleased to report a positive 2021 for Brit, with our underwriting performance and investment return delivering a strong overall result,” said interim group CEO Martin Thompson.
“Our clear strategy saw us deliver a combined ratio for the year of 95.7%. This reflected the combination of an excellent attritional ratio, prior year reserve releases and increased income from our third party capital management and MGA businesses.”
“That we delivered this performance despite exposure to a number of major loss events and the continued impact of COVID-19 was particularly encouraging, demonstrating the increased resilience of our business and our firm focus on disciplined underwriting.”
“As well as delivering a good underwriting result, we grew our written premium by 31.8% to $3,238.3m.”
“This reflects strong, targeted growth in our core direct and reinsurance books, and a very successful first year of trading for Ki.”
Thompson added optimism for the company’s 2022 growth potential.
“Looking ahead to 2022, while uncertainty remains around COVID-19, rising inflation and the potential of increased frequency and severity of major loss events, we remain optimistic.”
“Ongoing rate rises, continued improvement in our attritional claims ratio and our clear strategy give us confidence that Brit is well placed to respond to the opportunities and challenges ahead.”