Brit taps XL, MS Amlin for newly launched Sussex Re
Specialty re/insurer Brit has hired XL Group and MS Amlin senior executives for its newly launched Bermuda-domiciled collateralised reinsurance platform, Sussex Capital.
Richard Slater has been appointed as underwriting director and Adam Champion as senior vice president, portfolio manager and operations.
Sussex Capital, through Sussex Re, writes direct collateralised property catastrophe reinsurance and also provides collateralised reinsurance to Brit’s property treaty portfolio. Sussex Capital was launched in January and provides over $100 million of capacity.
Slater arrives at Sussex Capital from XL Catlin in Bermuda where he was head of international property reinsurance and global property retro. Prior to this, he held senior property treaty reinsurance roles at Montpelier Re and ACE Tempest Re.
In his new role, Slater will be responsible for managing property treaty underwriting and strengthening relationships with brokers and investors. He will also underwrite for Brit Syndicate 2987 and 2988 to broaden the Brit client offering and identify opportunities for Sussex Capital to grow.
Champion joins Sussex from MS Amlin where he was head of analytics. He was previously head of catastrophe modelling for Amlin Bermuda, supporting underwriters in the global property business.
At Sussex, Champion will focus on portfolio management and operational performance. He will also support the development of Brit’s wider property treaty and catastrophe modelling capability, working closely with the underwriting and exposure management teams in Bermuda, London and the US.
Matthew Wilson, CEO of Brit, commented: “We have a clear ambition to develop Sussex Capital into a leading ILS manager, with both top quartile performance and relevant scale. The appointments of Richard and Adam are another step towards this objective, as both are highly regarded in the market and have the relationships and technical expertise to support our growth strategy for Sussex Capital.”
Mark Allan, Brit chief financial officer, added: “Sussex Capital leverages Brit’s track record, technical underwriting capabilities and access to high-quality business to enable investors to participate in the ILS space via an innovative product offering. More broadly, Sussex Capital forms part of Brit’s strategy to build long-term relationships with the capital markets, and these appointments further strengthen Brit’s reinsurance capability and access to diversified sources of capital to support property catastrophe and other insurance risks.”
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