Brit moves Gibraltar reinsurer to Bermuda

Specialty re/insurer Brit is relocating its Gibraltar based reinsurer to Bermuda as part of its long-term strategy.

The process is expected to be completed by the end of the year, the company said. As part of the move Brit Insurance (Gibraltar) will become Brit Reinsurance (Bermuda).

“This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the US market," said Brit CEO Matthew Wilson.

Mark Allan, Brit chief financial officer, added: "Bermuda is an important hub for Brit, and its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the Group’s longer term strategy."

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