Global specialty insurer and reinsurer, Brit Limited, has announced the launch of Sussex Capital UK PCC Limited (Sussex Capital UK), a multi-use collateralised reinsurance PCC vehicle in the UK.
The transformer vehicle is the first to be granted permission by the PRA under the UK’s insurance-linked securities (ILS) framework, to carry out the operations of a mISPV writing general collateralised reinsurance for numerous cedents via re/insurer Brit’s distribution network across the London marketplace.
Initially, Sussex Capital UK will focus on property catastrophe coverage, with capacity being provided by Sussex Capital, which is Brit’s Bermuda-based ILS fund platform.
Brit launched its Sussex Capital unit at the start of 2018, underwriting direct collateralised property catastrophe reinsurance, and offering collateralised reinsurance to the parent’s Property Treaty portfolio, via its Sussex Re reinsurance vehicle.
Brit’s Chief Executive Officer (CEO), Matthew Wilson, Commented: “I am both excited and proud to announce the launch of Sussex Capital UK, a landmark development in the emerging ILS market here in the UK. Sussex Capital UK further enhances Brit’s client and broker proposition and positions Brit extremely well to support growth in the UK’s ILS market as demand evolves over time.”
GC Securities, a division of global reinsurance broker Guy Carpenter, acted as advisor to specialist re/insurer Brit throughout the application process.
Brit’s Chief Financial Officer (CFO), Mark Allan, added: “Sussex Capital UK extends Brit’s ILS capability into the UK, further enhancing optionality and access to property catastrophe risk for our investors over the long term. We are excited to be at the forefront in supporting the London Market’s ILS ambitions and would like to thank the UK regulators for their commitment and responsiveness through the application process.”
