Brit Limited (‘Brit’), the global specialty insurer and reinsurer, is pleased to announce the completion of the Versutus 2019 Series. This is the fifth annual renewal and continued development of the Versutus Ltd (Versutus) vehicle.
Versutus offers access to Brit’s strong underwriting franchise through two sub series, one covering Worldwide Property Catastrophe Reinsurance business and the other North American Property Binders.
This follows the authorisation of Sussex Capital UK PCC Limited in November 2018, enhancing the Sussex Capital platform originally launched in Bermuda at 1 January 2018. Sussex Capital writes through Sussex Re in Bermuda and Sussex Capital UK PCC in London, providing direct collateralised reinsurance as well as collateralised reinsurance to Brit’s reinsurance portfolio. Sussex has an open-ended fund offering investors a balanced portfolio of reinsurance risks and is expected to grow in 2019.
GC Securities* acted as placement agent for the Versutus Series 2019 Notes and advisor on the application for authorisation of Sussex Capital UK.
In addition, Syndicate 2988 has a planned gross written premium of US$158.7m for the 2019 year of account, an increase of 12% over 2018.
Brit’s total managed capacity across Versutus, Sussex Capital and Syndicate 2988 is now approximately $440m.
Matthew Wilson, CEO, Brit, said: “The renewal and expansion of our ILS capacity, alongside the growth in planned gross written premium for Syndicate 2988, 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 Capital UK has also provided an important new access point to the Property Catastrophe segment. Taken together, these initiatives represent excellent progress as we continue to develop and enhance our capital markets participation.”
Mark Allan, CFO, Brit, said: “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.”