Brit Ltd., the London-based specialty insurer and reinsurer, announced that Matthew Wilson will be stepping down from his role as group CEO and will be succeeded by Martin Thompson, who will become the new group CEO and executive chairman of Ki, effective Oct. 31 (subject to regulatory approval).
Wilson will continue to work within the Fairfax Financial Holdings Group as an executive advisory director.
Wilson returned as Brit CEO in September 2022 following a leave of absence to undergo treatment for a rare form of blood cancer. In stepping down as CEO and becoming an executive advisory director to Fairfax, Wilson will be able to prioritise his own health and spend more time with his family.
Wilson has been at Brit since 1999, becoming group CEO in 2018, and has been pivotal in creating its inclusive, innovative and underwriting-centric culture, culminating in the formation of the first algorithmically underwritten syndicate in Lloyd’s, Ki, said Brit in a statement. A passionate advocate for Lloyd’s, Wilson also served on the board of the LMA from 2011-2022 and has been closely involved in driving and supporting a number of market wide initiatives.
Martin Thompson was interim group CEO during Wilson’s leave of absence. A highly experienced leader in the insurance sector, Wilson was president & CEO of RSA Canada prior to joining the Fairfax Group in 2021.
“In my 23 years at Brit this is without doubt one of the hardest decisions I have had to make. No one was more determined than I was to continue as CEO, but it is with huge regret that I have chosen to step down so that I can focus on my family and my health,” commented Wilson.
“Brit is a truly special company, but what makes it so special are its amazing people. I will miss every one of them. It is this team that gives me such confidence in Brit’s future, and I know that our culture of inclusivity, innovation and achievement means that this is a company that will continue to lead the way in both who we are and what we do. I am pleased that I will remain within the Fairfax Group and, while I am stepping away from Brit, it is a company that will stay always in my heart, and I will remain its greatest champion,” Wilson added.
“Brit stands out as one of the most forward-thinking companies in the market, from its truly inclusive culture to its reputation as a leader in Lloyd’s to the incubation and launch of Ki. Matthew has been pivotal in driving this and leaves a lasting legacy of success across the whole of the organisation,” according to Prem Watsa, chairman and CEO of Fairfax Financial Holdings, Brit’s parent company.
“He will always be a friend to Brit, and I am pleased that we will benefit from his insight as an Executive Advisory Director for Fairfax,” said Watsa.
“Martin is an outstanding insurance leader and demonstrated this when asked by Matthew to step in as Interim CEO at such short notice last year, ensuring stability and enabling Brit to maintain its focus. He knows the business, its people and its culture extremely well and this, alongside his leadership skills, means we can deliver both a smooth succession and the right CEO to take Brit forward.”
Source: Brit Ltd.
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