Brit Ltd (“Brit” or “the Group”) is 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 2017.
The special purpose insurer will be capitalised at $110m, a 33% increase on its previous level of capitalisation. Funding has been secured from renewal and new third party capital partners accepting risk from January 1st 2017. GC Securities* acted as placement agent for the Versutus Series 2017 Notes.
Jon Sullivan, Head of Short Tail Reinsurance at Brit, said: “We are excited to build and expand capacity in this third issuance in the Versutus series, which will offer continued access to Brit’s strong underwriting capabilities and diversified distribution reach (via both our London and Bermudian platforms) as well as all the benefits the Group experiences managing one of the largest Lloyd’s syndicates.”
Matthew Wilson, CEO of Brit, 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 2017.”