Versutus will reinsure a share of Brit’s existing worldwide property catastrophe excess of loss portfolio
Brit has announced the creation of Versutus, a new Bermuda-based reinsurance sidecar with an initial capital of £75m that will provide capacity to Brit’s property treaty portfolio for 2015.
Under the terms of a quota share agreement with Brit, Versutus will reinsure a share of Brit’s worldwide property catastrophe excess of loss portfolio.
The capital has been provided by several investor, details of which have not been disclosed.
Brit head of short tail reinsurance Jon Sullivan said: “At Brit we have a well established book of diversified worldwide excess of loss catastrophe reinsurance business which has a highly profitable 14-year track record.
“We are pleased to be able to develop new reinsurance relationships with capital market partners while providing them with access to Brit’s strong underwriting capabilities, diversified distribution reach via both our London and Bermudan platforms, as well as all the benefits the group experiences as one of the largest of the Lloyd’s syndicates.”
Brit Global Specialty chief executive Matthew Wilson added: “This is an important step for Brit as we look to broaden and enhance our capabilities within the capital markets arena and to maximise the efficiencies of our reinsurance programmes for 2015.
“We are delighted to have secured funding for Versutus from a range of new partners whom we look forward to working with closely in the future.”