Brit reveals successful launch of Sussex Capital
Brit selects Bermuda for new collateralised re venture Sussex Re
Sussex Capital, the Bermuda-based subsidiary of Brit, has appointed Richard Slater as underwriting director and Adam Champion as senior vice president, portfolio manager and operations. Both appointments are subject to approval from the Bermuda Department of Immigration.
Sussex Capital was launched on 1 January 2018 and provides over $100 million of capacity. The .company, through Sussex Re, writes direct collateralised property catastrophe reinsurance and also provides collateralised reinsurance to Brit’s property treaty portfolio.
“We have a clear ambition to develop Sussex Capital into a leading ILS manager, with both top quartile performance and relevant scale,” said Matthew Wilson, chief executive officer, Brit. “The appointments of Richard and Adam are another step towards this objective, as both are highly regarded in the market and have the relationships and technical expertise to support our growth strategy for Sussex Capital.”
Slater was formerly at XL Catlin in Bermuda where he was head of international property reinsurance and global property retro. Prior to this, he held senior property treaty reinsurance roles at Montpelier Re and ACE Tempest Re. Slater will be responsible for managing property treaty underwriting and strengthening relationships with brokers and investors. He will also underwrite for Brit Syndicate 2987 and 2988 to broaden the Brit client offering and identify opportunities for Sussex Capital to grow.
Champion has extensive modelling and analytical experience and joins from MS Amlin where he was head of analytics. He was previously head of catastrophe modelling for Amlin Bermuda, supporting underwriters in the global property business. Prior to this he held various reinsurance and capital markets roles in the North American and Bermudian markets. According to the company Champion will focus on portfolio management and operational performance. He will also support the development of Brit’s wider property treaty and catastrophe modelling capability, working closely with the underwriting and exposure management teams in Bermuda, London and the US.
Mark Allan, CFO, Brit, commented: “Sussex Capital leverages Brit’s track record, technical underwriting capabilities and access to high quality business to enable investors to participate in the ILS space via an innovative product offering. More broadly, Sussex Capital forms part of Brit’s strategy to build long term relationships with the capital markets, and these appointments further strengthen Brit’s reinsurance capability and access to diversified sources of capital to support property catastrophe and other insurance risk.”
Brit, Sussex Capital, Sussex Re, property, Bermuda, underwriting, appointed, reinsurance