Brit expands capacity of sidecar Versutus, syndicate 2988
Specialty re/insurer Brit has completed the fourth annual renewal and expansion of its Bermuda domiciled special purpose insurer Versutus, the company said in a Feb. 14 press release.
Versutus now has invested capital of $187 million. Brit’s total managed capacity across Versutus, Sussex Capital and Syndicate 2988 is now over $400 million, it said.
Versutus offers access to Brit’s underwriting franchise through covering worldwide property catastrophe reinsurance business and the American property binders. GC Securities acted as placement agent for the Versutus Series 2018 Notes.
This transaction follows the launch of Sussex Capital at Jan. 1, 2018. Sussex Capital is an open-ended fund and will write through Sussex Re, providing direct collateralised reinsurance as well as collateralised reinsurance to Brit’s reinsurance portfolio.
In addition, Syndicate 2988, which was launched in 2017, has been expanded to a stamp capacity of £98.5m for 2018. Initially launched across a focused selection of Brit syndicate 2987’s core product lines, Syndicate 2988 now offers broader access to Brit’s extensive underwriting capabilities with over 20 lines of business for 2018.
Commenting on the announcements, Brit CEO Matthew Wilson said: “The renewal and expansion of the Versutus sidecar, alongside the growth of Syndicate 2988 for 2018, 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 Re has also provided an important new product offering to our Property Catastrophe segment. Taken together, these initiatives represent excellent progress as we continue to develop and enhance our capital markets participation.”
CFO Mark Allan 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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