Brit unveils changes at the top as Cloutier moves aside

Specialty insurer Brit has appointed Matthew Wilson as group chief executive officer (CEO), effective January 2017.

Brit’s current CEO Mark Cloutier will step down from the position and assume the role of executive chairman. He will continue to lead the senior management team and support Wilson, the company said.

The company has also shifted non-executive chairman Richard Ward to the role of senior independent director. Ward will remain on the group board and chair its regulated entity Brit Syndicates.

Wilson became a member of Brit’s executive management committee in 2009, just a year after he was appointed as the CEO of Brit Global Specialty. He joined Brit in 1999 and worked for Lloyd’s prior to that.

Cloutier has previously been the CEO of Alea Group and CEO of Overseas Partners Re.

He took the reins in 2011, succeeding Dane Douetil, when the business was bought out by private equity firms Apollo and CVC. He also oversaw Brit's initial public offering in 2014, and then the sale of the business to Fairfax Financial the following year.

“I am honoured and excited to lead Brit, and would like to thank Mark who has been instrumental in the transformation of Brit over the last few years,” said Wilson.

“Today we are a highly successful business with a clear strategy, a strong culture and a hugely supportive parent in Fairfax. I am pleased that Mark will continue to play a crucial role as executive chairman, supporting myself and the senior management team as we look forward to 2017 and beyond with confidence.”

Cloutier added: “I have worked with Matthew since 2011 and there is no one who knows the business better. He has the skill-set, market experience and leadership qualities to successfully take the business forward on the next stage of its journey.

“I look forward to continuing to work closely with Matthew in my new role as executive chairman and to build upon the market-leading platform we have created at Brit.”