Reinsurance sidecar Versutus renewed and expanded by Brit to $110m

Bermuda domiciled special purpose insurer Versutus has been renewed with expanded collateralised reinsurance capacity by owner and specialty re/insurer Brit in order to support its property treaty portfolio for 2017.

Versutus will be capitalised at $110 million, a 33 percent increase on its previous level of capitalisation.

Funding has been secured from renewal and new third party capital partners accepting risk from January 1, 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.”