Global insurer and reinsurer Brit has announced the expansion of its collateralised reinsurance sidecar vehicle, Versutus Ltd. to $150 million, as the firm looks to accommodate protection for its U.S. property binder insurance exposures.
Effective January 1st, 2017, Versutus grew the volume of capital deployed through a number of segregated accounts to collateralise its quota-share reinsurance arrangements with Brit, to $150 million, the company has revealed.
Commenting on the capacity expansion, Christiern Dart, Chief Underwriting Officer (CUO), Brit, said; “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.”
Brit’s Chief Executive Officer (CEO), Matthew Wilson, also commented; “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.”
GC Securities was the placement agent for the new preference shares issued by Versutus.