Specialty re/insurer Brit has made a strategic investment in Sutton Special Risk, a managing general underwriter (MGU) that underwrites accident, health and special risk products.
Sutton has a headcount of 40 across Toronto, New York and London. The firm, established in 1978, has been a business partner of Brit for 16 years.
Sutton’s projected premiums for this year stand at more than C$60m ($45.3m).
Brit CEO Matthew Wilson said: “Greg Sutton and his team have built a profitable business with a highly regarded specialist offering, well-established in Canada and now in the US and London.
“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.
“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.”
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The deal is said to align with Brit’s strategy of selective international expansion through niche specialty firms. Financial terms of the deal were not disclosed.
Sutton will continue to hold its operational independence and underwrite as an MGU on behalf of Lloyd’s syndicates and international carriers.