Brit has announced the fourth annual renewal and continued expansion of its Versutus 2018 sidecar, the vehicle now boasts $187 million of invested capital.
Versutus offers access to Brit’s underwriting franchise through two sub series, one covering worldwide property catastrophe reinsurance business and the other covering North American property binders.
The renewal of Versutus follows the January 1st launch of Sussex Capital, an open-ended fund which writes through Sussex Re, providing direct collateralised reinsurance as well as collateralised reinsurance to Brit’s reinsurance portfolio.
Brit said the launch of Sussex Re has provided an important new product offering to its property catastrophe segment.
In addition, Brit announced that Syndicate 2988, which was launched in 2017, has been expanded to a stamp capacity of £98.5m (c. US$138m) for 2018.
The Syndicate now offers broader access to Brit’s extensive underwriting capabilities with over 20 lines of business for 2018.
Matthew Wilson, Chief Executive Officer (CEO), Brit, said; “The renewal and expansion of the Versutus sidecar, alongside the growth of Syndicate 2988 for 2018, continues our successful strategy of managing capital for third parties by offering access to Brit’s leading underwriting capabilities, deep client relationships and extensive distribution network.”
GC Securities acted as placement agent for the Versutus Series 2018 Notes.
Mark Allan, Chief Finance Officer (CFO), Brit, commented on the initiatives; “Creating vehicles that attract a variety of capital providers ensures Brit can develop and bring to market the most appropriate capacity for our clients and their risk management needs.”
Brit’s total managed capacity across Versutus, Sussex Capital and Syndicate 2988 has now surpassed $400 million.
