Specialty global insurer and reinsurer, Brit, has announced that Jay Nichols has joined the Board of its new Bermuda-based collateralised reinsurance platform, Sussex Capital.
Through Sussex Re, Sussex Capital is a newly created special purpose insurer based in Bermuda, that will underwrite direct collateralised reinsurance, while providing collateralised reinsurance to Brit’s reinsurance portfolio.
The new platform is looking to launch on January 1st, 2018, with an expected initial capacity of $100 million.
Brit’s Chief Executive Officer (CEO), Matthew Wilson, said; “We are excited to launch Sussex Capital and further enhance Brit’s client and broker proposition with Sussex Re writing direct collateralised reinsurance, as we continue to share access to Brit’s strong underwriting capabilities and diversified global distribution with our capital partners.”
Brit’s Chief Financial Officer (CFO), Mark Allan, added; “Sussex Capital is the next step in Brit’s strategy to build long term relationships with the capital markets. It will complement Versutus, our 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.”
At the same time, Brit has announced that Jay Nichols, who was most recently CEO of AXIS Capital, is to join the Boards of Sussex Capital and Brit Re, the firm’s newly created Bermudian captive reinsurer, as Non-Executive Director.
Prior to AXIS Capital, Nichols spent 15 years with RenaissanceRe, and before this he held numerous positions at Hartford Steam Boiler, Monarch Capital and the accounting firm of Matson, Driscoll and D’Amico.
Brit’s Executive Chairman, Mark Cloutier, commented; “The launch of Sussex Capital and establishment of Brit Re are both important milestones in the development of our platform in Bermuda and the appointment of someone of Jay’s calibre to their respective Boards is a strong statement of intention. Jay brings to Brit an impressive track-record within the reinsurance arena, and his experience of working across the capital markets will prove extremely valuable as we continue to build on our Bermuda presence and capabilities. We look forward to welcoming Jay and his contribution as an important Board member for these businesses.”
