Global specialty re/insurer Brit Limited has completed the fifth annual renewal and expansion of its Versutus sidecar, bringing the total amount of third-party capital under management to $440 million.
This capacity is spread across the Versutus 2019, Sussex Capital (its multi-use collateralised reinsurance PCC vehicle in the UK) and its Lloyd’s Syndicate 2988.
Versutus 2019 boasts $190 million (an increase from $187 million a year ago) of invested capital and offers access to Brit’s strong underwriting franchise through two sub series, one covering Worldwide Property Catastrophe Reinsurance business and the other North American Property Binders.
In addition, Syndicate 2988 has a planned gross written premium of $158.7 million for the 2019 year of account, an increase of 12% over 2018.
“The renewal and expansion of our ILS capacity, alongside the growth in planned gross written premium for Syndicate 2988, 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,” said Matthew Wilson, Chief Executive Officer.
“In addition, the launch of Sussex Capital UK has also provided an important new access point to the Property Catastrophe segment. Taken together, these initiatives represent excellent progress as we continue to develop and enhance our capital markets participation.”
Sussex Capital writes through Sussex Re in Bermuda and Sussex Capital UK PCC in London, providing direct collateralised reinsurance as well as collateralised reinsurance to Brit’s reinsurance portfolio.
Mark Allan, Chief Financial Officer, Brit, added, “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.”
For more details on reinsurance sidecar investments and transactions view a list of collateralised reinsurance sidecars over at our sister site Artemis.