Bermuda chosen as domicile for formation of Brit Re

The chief financial officer of Brit has highlighted the importance of Bermuda as a hub for the company stressing its Solvency II compliance and depth of expertise as being important reasons for this.

He made these remarks as Brit revealed that it will relocate its Gibraltar based reinsurer, Brit Insurance (Gibraltar) PCC, to Bermuda.

The process is expected to be completed by the end of the year. Following this, Brit Insurance (Gibraltar) will become Brit Reinsurance (Bermuda) or Brit Re.

Matthew Wilson, Brit, CEO, said: “This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the US market.”

Mark Allan, Brit, CFO, added: “Bermuda is an important hub for Brit, and its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the Group’s longer term strategy.”