A new Bermuda-domiciled reinsurer will cover a share of Brit PLC’s existing worldwide property catastrophe excess of loss portfolio.
The partnership between Brit – a global specialty insurer and reinsurer – and Versutus Ltd., calls for Versutus to provide collateralized capacity support for Brit’s property treaty portfolio for 2015.
Versutus will initially be capitalized at $75 million, with capital committed by a number of investors, according to the partnership announcement. The new vehicle will be on risk from Jan. 1, 2015.
Matthew Wilson, CEO of Brit’s Global Specialty arm, said in a statement that the deal will help the company expand and strengthen its capabilities “within the capital markets arena and to maximize the efficiencies of our reinsurance programs for 2015.”
Source: Brit PLC