BRIT UW LIMITED

1. BRIT UW LIMITED 1996-07-24 → present
2. FLAGFIRST DATA LIMITED 1996-06-27 → 1996-07-24

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In assessing the Company's going concern at 31 December 2024, the directors have considered a number of factors. These include the current strength of the statement of financial position, the Company's strategic and financial plan, and access to available funding through investment, lending or utilisation of the credit facilities of the Brit Group, which BUW is party to and is able to draw upon. As a result of the assessment the directors have concluded that the Company has access to adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Strategic Report, Directors' Report and Financial Statements.”

Significant events

• “Through Lloyd's capital setting processes (specifically the Lloyd's 'coming into line' process and the Lloyd's quarterly corridor tests), surpluses in the Company's Lloyd's capital requirement were identified in May, September and November 2024. For each occasion, the Board agreed to release either the entirety or majority of those surpluses for the purposes of reducing the Company's cost of capital or otherwise creating flexibility in the Company's ability to fund future capital requirements.”
• “In June 2024, the Company appointed Hamblin Watsa Investment Counsel to manage a portfolio of Company assets.”
• “In July 2024, the Board approved the statutory reports and financial statements of the Company for the financial year ended 31 December 2023. In doing so, the directors believed that those financial statements provided a true and fair view of assets, liabilities, financial position and performance of the Company.”
• “In November 2024, the Board approved the issuance of a further 100 Ordinary Shares in the Company to the Company's sole shareholder, Brit Insurance Holdings Limited. The issuance allowed the Company to reduce borrowing on a loan from Brit insurance Holdings Limited and therefore reduce its ongoing cost of capital. Further, the transaction supported a series of wider transactions within the group to rationalise intercompany balances in preparation for a group restructuring (which achieved operational separation between the Brit and Ki businesses).”
• “In December 2024, the Board approved an amendment to the Revolving Credit Facility to which it is party. The amendments relating to the group restructuring referred to immediately above.”
• “The Company has potential exposures to claims resulting from the California wildfires of January 2025, which will be accounted for in the period ending 31 December 2025. After taking into account potential reinsurance recoveries, the estimates, based on information available at the date of this report is a net cost before tax of between $94.0m and $109.5m.”
• “On 17 June 2025, the Company issued 300 ordinary shares of £1 nominal each to its immediate parent company, Brit Insurance Holdings Limited, for a total of £383.1m ($519.8m). The shares were paid for on that date with cash and cash equivalents.”
• “On 24 June 2025, the Company lent $200m to its ultimate parent, Fairfax Financial Holdings Limited ('FFHL'). The loan has a maturity date of 31 March 2026 and carries a fixed interest rate of 4.75% per annum, payable at the maturity date (subject to any early repayment). At any time prior to the maturity date, the Company can demand repayment of the loan and any accrued unpaid interest within ten business days.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

4

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Gross written premiums

  +5.4%

  £2,080,355,819 → £2,193,550,778

• Net earned premiums

  +3.4%

  £1,347,590,808 → £1,393,031,875

• Profit before tax

  -25.8%

  £152,853,966 → £113,417,346

• Equity

  +69.5%

  £277,242,402 → £469,829,503

• Claims incurred

  +8.5%

  £710,007,413 → £770,644,922

• Insurance contract liabilities

  +5.8%

  £5,185,693,106 → £5,485,025,945

• Investment return

  +11.9%

  £119,421,794 → £133,654,559

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers