Bermuda-domiciled special purpose insurer Versutus has had its collateralised reinsurance capacity expanded by its parent Brit.
Versutus, which is a sidecar for Brit, will increase the amount of capital deployed to $150 million via various segregated accounts to collateralise its quota-share reinsurance agreements with Brit and support its North American property insurance portfolio.
"We are excited to expand access, through Versutus, to our North American property insurance portfolio of binder business, the largest part of Brit’s broad product suite and an area where Brit is a market lead," said Christiern Dart, chief underwriting officer of Brit.
Matthew Wilson, chief executive officer of Brit, added: “We continue to broaden and enhance our capabilities within the capital markets arena, and this further expansion of Versutus is another positive development.
"This innovative structure builds on the platform we established to support our worldwide catastrophe treaty portfolio and, more recently, our launch of Syndicate 2988. We look forward to continuing to develop platforms with our third party capital partners that share and expand access to Brit’s strong underwriting management."
Brit, Sidecar, Versutus, Reinsurance, Bermuda, North America, Property, Insurance