Brit Ltd (“Brit”) announces the appointments of Richard Slater as Underwriting Director and Adam Champion as Senior Vice President, Portfolio Manager and Operations, at Sussex Capital.*
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 on 1 January 2018 and provides over US$100m of capacity.
Richard joins Sussex Capital from XL Catlin in Bermuda where he was Head of International Property Reinsurance and Global Property Retro. Prior to this, Richard held senior Property Treaty Reinsurance roles at Montpelier Re and ACE Tempest Re. Richard 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.
Adam brings extensive modelling and analytical experience, joining 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. Prior to this, Adam held various reinsurance and capital markets roles in the North American and Bermudian markets. Adam 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, 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, CFO, Brit, commented: “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 risk.”
* Subject to approval by the Bermuda Department of Immigration