Brit Ltd. announce the renewal and expansion of the collateralized reinsurance capacity provided by the Bermuda domiciled special purpose insurer Versutus Ltd., in support of Brit’s property treaty portfolio for 2016.
The special purpose insurer will be capitalised at $82.5 million, a 10 percent increase on its previous level of capitalisation. Funding has been secured from a number of third party capital partners accepting risk from Jan. 1, 2016. GC Securities*, which is a division of MMC Securities (Europe) Ltd., acted as placement agent for the Versutus Series 2016 Notes.
“We are excited to build on last year’s launch of Versutus with this renewal and expansion for 2016,” according to Jon Sullivan, head of Short Tail Reinsurance. “This strategic partnership provides our investors with continued access to Brit’s strong underwriting capabilities and diversified distribution reach – via both our London and Bermudan platforms – as well as all the benefits the Group experiences as one of the largest Lloyd’s syndicates.”
Matthew Wilson, CEO of Brit Global Specialty, added: “We are delighted to continue broadening and enhancing our capabilities within the capital markets arena as we maximise the efficiencies of our reinsurance programs for 2016.”
* Securities or investments, as applicable, are offered in the United States through GC Securities.
Source: Brit Ltd.