Brit Expands Capacity for Bermuda Sidecar Versutus & Lloyd’s Syndicate 2988

February 15, 2018

London-based Brit Ltd. has renewed and expanded the collateralized reinsurance capacity provided by its Bermuda domiciled sidecar, Versutus Ltd., in support of Brit’s property catastrophe portfolio for 2018.

Marking the fourth annual renewal and continued expansion of this vehicle, Versutus Ltd. now has invested capital of US$187 million, Brit said in a statement, noting that its total managed capacity across Versutus, Sussex Capital and Syndicate 2988 is now more than US$400 million.

Versutus offers access to Brit’s underwriting franchise through two sub series, one covering worldwide property catastrophe reinsurance business and the other covering North American property binders.

This transaction follows the launch of Sussex Capital at Jan. 1, 2018. Sussex Capital is an open-ended fund and will write through Sussex Re, providing direct collateralized reinsurance as well as collateralized reinsurance to Brit’s reinsurance portfolio.

In addition, Syndicate 2988, which was launched in 2017, has been expanded to a stamp capacity of £98.5 million (approximately US$138m) for 2018. Syndicate 2988 now offers access to more than 20 lines of business.

Matthew Wilson, CEO, Brit, said that the renewal and expansion of the Versutus sidecar, alongside the growth of Syndicate 2988 for 2018, continues the company’s strategy of managing third party capital by providing access to Brit’s underwriting capabilities, client relationships and distribution network.

“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,” said Mark Allan, CFO, Brit.

GC Securities, a division of MMC Securities (Europe) Ltd., acted as placement agent for the Versutus Series 2018 Notes, which expanded the sidecar’s capacity.

Source: Brit Ltd.

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