Brit selects Bermuda for new collateralised re venture Sussex Re
Speciality re/insurer Brit has selected Bermuda as the domicile for a newly formed collateralised reinsurance platform it builds out its “strategy to build long term relationships with the capital markets.”
Sussex Capital, through Sussex Re, a newly established Bermuda-domiciled special purpose insurer, will write direct collateralised reinsurance while also providing collateralised reinsurance to Brit’s reinsurance portfolio. Sussex Capital is targeting a 1 January 2018 launch with an expected initial capacity of $100 million.
Brit has also appointed Jay Nichols, the former CEO of the reinsurance operations of Axis Capital, as non-executive director of both Sussex Capital and Brit Re, a captives reinsurer it recently also moved to Bermuda from Gibraltar. He will also become chair of the audit committee of Brit Re and join the Brit Audit Committee.
Nichols previously spent 15 years at RenaissanceRe, culminating as the President of RenaissanceRe Ventures. He was responsible for the formation of DaVinci Reinsurance and Top Layer Reinsurance, as well as numerous sidecars and other joint ventures and strategic investments. Prior to joining RenaissanceRe Jay held various positions at Hartford Steam Boiler, Monarch Capital and the accounting firm of Matson, Driscoll and D'Amico.
Mark Cloutier, executive chairman of Brit, said: “The launch of Sussex Capital and establishment of Brit Re are both important milestones in the development of our platform in Bermuda and the appointment of someone of Jay’s calibre to their respective Boards is a strong statement of intention.
“Jay brings to Brit an impressive track-record within the reinsurance arena, and his experience of working across the capital markets will prove extremely valuable as we continue to build on our Bermuda presence and capabilities. We look forward to welcoming Jay and his contribution as an important Board member for these businesses.”
Matthew Wilson, CEO, Brit, said: “We are excited to launch Sussex Capital and further enhance Brit’s client and broker proposition with Sussex Re writing direct collateralised reinsurance, as we continue to share access to Brit’s strong underwriting capabilities and diversified global distribution with our capital partners.”
Mark Allan, CFO, Brit, added: “Sussex Capital is the next step in Brit’s strategy to build long term relationships with the capital markets. It will complement Versutus, our existing Bermuda-domiciled special purpose insurer, further strengthening Brit’s reinsurance capability and access to a diversified source of capital to support property catastrophe risk.”
