London-based Brit Ltd. said it has renewed and expanded the collateralized reinsurance capacity provided by the Bermuda domiciled special purpose insurer, Versutus Ltd., in support of Brit’s property treaty portfolio for 2017.
The special purpose insurer will be capitalised at $110 million, a 33 percent increase on its previous level of capitalization. Funding has been secured from renewal and new third party capital partners accepting risk from Jan. 1, 2017.
GC Securities, a division of MMC Securities (Europe), acted as placement agent for the Versutus Series 2017 Notes.
“We are excited to build and expand capacity in this third issuance in the Versutus series, which will offer continued access to Brit’s strong underwriting capabilities and diversified distribution reach (via both our London and Bermudian platforms) as well as all the benefits the group experiences managing one of the largest Lloyd’s syndicates,” Jon Sullivan, head of Short Tail Reinsurance at Brit.
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