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Brit’s third-party capital hits $440mn as Versutus sidecar renewed

February 25, 2019

Brit has completed the fifth annual renewal and expansion of its Versutus sidecar, bringing the total amount of third-party capital under management to $440mn.

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 $190mn (an increase from $187mn 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.

Additionally, Syndicate 2988 has a planned gross written premium (GWP) of $158.7mn for the 2019 year of account, an increase of 12 percent over 2018.

Brit CEO Matthew Wilson commented: “The renewal and expansion of our ILS capacity, alongside the growth in planned GWP 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,”

“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, Brit’s chief financial officer 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.”