Brit expands capacity for Bermuda sidecar and Lloyd’s Syndicate 2988
Specialty re/insurer Brit has completed the fifth annual renewal and expansion of its Bermuda domiciled special purpose insurer Versutus.
Brit’s total managed capacity across Versutus, Sussex Capital and Syndicate 2988 is now approximately $440 million.
Versutus offers access to Brit’s strong underwriting franchise through covering worldwide property catastrophe reinsurance business and the North American property binders business.
This transaction follows the authorisation of Sussex Capital UK in November 2018, enhancing the Sussex Capital platform originally launched in Bermuda on 1 January 2018.
Sussex Capital writes through Sussex Re in Bermuda and Sussex Capital UK in London, providing direct collateralised reinsurance as well as collateralised reinsurance to Brit’s reinsurance portfolio. Sussex has an open-ended fund offering investors a balanced portfolio of reinsurance risks, which Brit said is expected to grow in 2019.
In addition, Syndicate 2988 has a planned gross written premium of $158.7 million for the 2019 year of account, which would be increase of 12 percent from 2018 figures.
Matthew Wilson, CEO of Brit, said: “The renewal and expansion of our ILS capacity, alongside the growth in planned gross written premium for Syndicate 2988, continues our successful strategy of managing capital for third parties by offering access to Brit’s leading underwriting capabilities, deep client relationships and extensive distribution network. In addition, the launch of Sussex Capital UK has also provided an important new access point to the property catastrophe segment. Taken together, these initiatives represent excellent progress as we continue to develop and enhance our capital markets participation.”
Mark Allan, CFO of Brit, added: “Creating vehicles that attract a variety of capital providers ensures Brit can develop and bring to market the most appropriate capacity for our clients and their risk management needs.”
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