Brit Ltd. announced it is relocating its Gibraltar-based reinsurer, Brit Insurance (Gibraltar) PCC Ltd., to Bermuda.
The process is expected to be completed by the end of the year, following which Brit Insurance (Gibraltar) will be renamed Brit Reinsurance (Bermuda) Ltd., or Brit Re.
“This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the U.S. market,” said Brit CEO Matthew Wilson.
“Bermuda is an important hub for Brit, and its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the group’s longer-term strategy,” noted Brit’s CFO Mark Allan.
Source: Brit Ltd.
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