14 February 2018News

Brit renews and expands Versutus

Brit has completed and expanded its Versutus 2018 Series Notes.  This is the fourth annual renewal and continued expansion of this Bermuda domiciled special purpose insurer, which now has invested capital of $187 million.

This takes Brit’s total managed capacity across Versutus, Sussex Capital and Syndicate 2988 to over $400 million.

Versutus offers access to Brit’s underwriting franchise through two sub series, one covering Worldwide Property Catastrophe Reinsurance business and the other covering North American Property Binders.

This transaction follows the launch of Sussex Capital at 1 January 2018.  Sussex Capital is an open-ended fund and will write through Sussex Re, providing direct collateralised reinsurance as well as collateralised reinsurance to Brit’s reinsurance portfolio.

In addition, Syndicate 2988, which was launched in 2017, has been expanded to a stamp capacity of £98.5 million (around $138 million) for 2018.  Initially launched across a focused selection of Brit syndicate 2987’s core product lines, Syndicate 2988 now offers broader access to Brit’s extensive underwriting capabilities with over 20 lines of business for 2018.

“The renewal and expansion of the Versutus sidecar, alongside the growth of Syndicate 2988 for 2018, continues our successful strategy of managing capital for third parties by offering access to Brit’s leading underwriting capabilities, deep client relationships and extensive distribution network,” said Matthew Wilson, chief executive officer of Brit. “In addition, the launch of Sussex Re has also provided an important new product offering to our Property Catastrophe segment. Taken together, these initiatives represent excellent progress as we continue to develop and enhance our capital markets participation.”

Mark Allan, chief financial officer of Brit, said: “Creating vehicles that attract a variety of capital providers ensures Brit can develop and bring to market the most appropriate capacity for our clients and their risk management needs.”




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More on this story

News
16 February 2018   Brit Insurance has announced the successful launch of its new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital, with initial funding for 2018 coming to $102.5 million.
News
14 June 2018   Brit has made a trio of executive appointments to the boards of a number of its subsidiaries, including its own. These appointments are subject to regulatory approval.
News
12 July 2018   Brit and Advent Capital Holdings have announced the potential combination of some of their Lloyd’s business in the wake of a strategic review.