Brit Launches Collateralized Reinsurer Sussex
Specialty insurer and reinsurer Brit Ltd announced the launch of a new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital.
Sussex Capital, through Sussex Re, a newly established Bermuda-domiciled special purpose insurer will write direct collateralised reinsurance while also providing collateralised reinsurance to Brit’s reinsurance portfolio. Sussex Capital is targeting a 1 January 2018 launch with an expected initial capacity of US$100m.
Matthew Wilson, CEO, Brit, commented: “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.”
Mark Allan, CFO, Brit, 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.”
