Brit Ltd (“Brit”) is pleased to announce the expansion of the collateralised reinsurance capacity provided by the Bermuda domiciled special purpose insurer, Versutus Ltd (“Versutus”), in support of risks attaching to Brit’s North American Property Insurance portfolio, effective from 1 January 2017.
Versutus will increase the amount of capital deployed, via various segregated accounts to collateralise its quota-share reinsurance agreements with Brit, to US$150 million. GC Securities* acted as placement agent for the new preference shares issued by Versutus.
Christiern Dart, Chief Underwriting Officer of Brit, said: “We are excited to expand access, through Versutus, to our North American Property Insurance portfolio of Binder business, the largest part of Brit’s broad product suite and an area where Brit is a market lead.”
Matthew Wilson, Chief Executive Officer of Brit, added: “We continue to broaden and enhance our capabilities within the capital markets arena, and this further expansion of Versutus is another positive development. This innovative structure builds on the platform we established to support our worldwide catastrophe treaty portfolio and, more recently, our launch of Syndicate 2988. We look forward to continuing to develop platforms with our third party capital partners that share and expand access to Brit’s strong underwriting management.”