Brit Ltd (“Brit” or “the Group”) is today pleased to announce the renewal and expansion of the collateralised reinsurance capacity provided by the Bermuda domiciled special purpose insurer Versutus Ltd (“Versutus”), in support of Brit’s property treaty portfolio for 2016.
The special purpose insurer will be capitalised at $82.5m, a 10% increase on its previous level of capitalisation. Funding has been secured from a number of third party capital partners accepting risk from January 1st 2016. GC Securities* acted as placement agent for the Versutus Series 2016 Notes.
Jon Sullivan, Head of Short Tail Reinsurance, said: “We are excited to build on last year’s launch of Versutus with this renewal and expansion for 2016. 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.”
* GC Securities is a division of MMC Securities (Europe) Ltd. which is authorized and regulated by the Financial Conduct Authority. Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC.