Brit renews and expands reinsurance sidecar to $110m

Specialty re/insurer Brit has renewed and expanded the collateralised reinsurance capacity provided by the Bermuda domiciled special purpose insurer Versutus, to support its property treaty portfolio for 2017.

Versutus will be capitalised at $110 million, a 33 percent increase on its previous level of capitalisation.

Funding has been secured from renewal and new third party capital partners accepting risk from January 1, 2017.

GC Securities acted as placement agent for the Versutus Series 2017 Notes.

Jon Sullivan, head of short tail reinsurance at Brit, said: “We are excited to build and expand capacity in this third issuance in the Versutus series, which will offer continued access to Brit’s strong underwriting capabilities and diversified distribution reach (via both our London and Bermudian platforms) as well as all the benefits the group experiences managing one of the largest Lloyd’s syndicates.”