Brit has launched Sussex Capital UK PCC, a new multi-arrangement Insurance Special Purpose Vehicle (mISPV).
According to Brit Sussex Capital UK is the first transformer vehicle to be given permission by the PRA under the UK’s new Insurance-Linked Securities (ILS) regime to carry on the activities of a mISPV writing general collateralised reinsurance for multiple cedants via Brit’s distribution network in the London market.
Sussex Capital UK will initially focus on property catastrophe coverage, with capacity provided by Sussex Capital, Brit’s Bermuda-domiciled ILS fund platform.
GC Securities acted as advisor to Brit throughout the application process.
“I am both excited and proud to announce the launch of Sussex Capital UK, a landmark development in the emerging ILS market here in the UK,” said Matthew Wilson, chief executive officer, Brit. “Sussex Capital UK further enhances Brit’s client and broker proposition and positions Brit extremely well to support growth in the UK’s ILS market as demand evolves over time.”
“Sussex Capital UK extends Brit’s ILS capability into the UK, further enhancing optionality and access to property catastrophe risk for our investors over the long term,” said Mark Allan, chief financial officer of, Brit. We are excited to be at the forefront in supporting the London Market’s ILS ambitions and would like to thank the UK regulators for their commitment and responsiveness through the application process.”
Brit, Sussex Capital, UK, Bermuda, SPV