9 March 2017Insurance

Brit expands size and scope of sidecar Versutus

Specialty re/insurer Brit has expanded the collateralised reinsurance capacity provided by Bermuda-domiciled special purpose insurer Versutus to support its North American property insurance portfolio.

Versutus will increase the amount of capital deployed to $150 million via various segregated accounts to collateralise its quota-share reinsurance agreements with Brit, the company said.

"We are excited to expand access, through Versutus, to our North American property insurance portfolio of Binder business, the largest part of Brit’s broad product suite and an area where Brit is a market lead," said Christiern Dart, chief underwriting officer of Brit.

Matthew Wilson, chief executive officer of Brit, added: "We continue to broaden and enhance our capabilities within the capital markets arena, and this further expansion of Versutus is another positive development.

"This innovative structure builds on the platform we established to support our worldwide catastrophe treaty portfolio and, more recently, our launch of Syndicate 2988. We look forward to continuing to develop platforms with our third party capital partners that share and expand access to Brit’s strong underwriting management."

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More on this story

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4 August 2017   Speciality re/insurer Brit posted solid growth in the first six months of 2017 but its profits dipped on lower investment returns and a continued softening of rates, which were 2.2 percent down overall during the period.
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22 August 2017   Brit has hired Aspen Insurance’s vice president, primary casualty, to the role of senior vice president, excess casualty, its unit for Brit Global Specialty USA.
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14 February 2018   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.