Brit PLC ("Brit” or "the Group"), the global specialty insurer and reinsurer, today announced that a new Bermuda domiciled special purpose reinsurer, Versutus Ltd, has been created to provide collateralised capacity support for Brit’s property treaty portfolio for 2015.
Versutus Ltd has entered into a quota share agreement with Brit under which it will reinsure a share of Brit's existing worldwide property catastrophe excess of loss portfolio.
The Bermuda-domiciled special purpose vehicle will initially be capitalised at $75m. Capital has been committed by a number of investors, with the new vehicle on risk from January 1st 2015. GC Securities* acted as placement agent for the Versutus Ltd. launch.
Jon Sullivan, Head of Short Tail Reinsurance said:
"At Brit we have a well-established book of diversified worldwide excess of loss catastrophe reinsurance business which has a highly profitable 14 year track record. We are pleased to be able to develop new reinsurance relationships with capital market partners whilst providing them with access to Brit’s strong underwriting capabilities, diversified distribution reach via both our London and Bermudan platforms as well as all the benefits the Group experiences as one of the largest of the Lloyd’s syndicates."
Matthew Wilson, CEO, Brit Global Specialty added:
"This is an important step for Brit as we look to broaden and enhance our capabilities within the capital markets arena and to maximise the efficiencies of our reinsurance programs for 2015. We are delighted to have secured funding for Versutus from a range of new partners whom we look forward to working with closely in the future".
For further information, please contact
Sam Dobbyn, Head of Investor Relations, Brit PLC +44 (0) 20 7984 8800
Tom Burns / Rebecca Lum, Brunswick +44 (0) 20 7404 5959