13 January 2016 Insurance

Brit renews and expands reinsurance sidecar

Re/insurer Brit has renewed and expanded the collateralised reinsurance capacity provided by the Bermuda domiciled special purpose insurer Versutus, in support of Brit’s property treaty portfolio for 2016.

Versutus will be capitalised at $82.5 million, a 10 percent increase on its previous level of capitalisation. Funding has been secured from a number of third party capital partners accepting risk from January 1, 2016.

GC Securities acted as placement agent for the Versutus Series 2016 Notes.

“We are excited to build on last year’s launch of Versutus with this renewal and expansion for 2016,” said Jon Sullivan, head of short tail reinsurance.

“This strategic partnership provides our investors with continued access to Brit’s strong underwriting capabilities and diversified distribution reach (via both our London and Bermudan platforms ) as well as all the benefits the group experiences as one of the largest Lloyd’s syndicates.”

Matthew Wilson, chief executive officer of Brit Global Specialty, added: “We are delighted to continue broadening and enhancing our capabilities within the capital markets arena as we maximise the efficiencies of our reinsurance programs for 2016.”

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