Brit Launches Bermuda-Based Collateralized Reinsurer Sussex Capital
Brit Ltd., the London-based specialty insurer and reinsurer, has launched a Bermuda-domiciled collateralized reinsurance platform, Sussex Capital.
Sussex Capital, through Sussex Re, a newly established Bermuda-domiciled special purpose insurer, will write direct collateralized reinsurance while also providing collateralized reinsurance to Brit’s reinsurance portfolio.
Sussex Capital is planning a Jan. 1, 2018 launch with an expected initial capacity of US$100 million.
“We are excited to launch Sussex Capital and further enhance Brit’s client and broker proposition with Sussex Re writing direct collateralized reinsurance…,” commented Matthew Wilson, CEO, Brit.
“Sussex Capital is the next step in Brit’s strategy to build long term relationships with the capital markets,” said Brit CFO Mark Allan.
Sussex Capital will complement Versutus, Brit’s 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,” he added.
Source: Brit Ltd.
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