Brit Ltd., the global specialty insurance and reinsurance company, has announced new board appointments including the addition of Graham Pewter, previously the President and CEO of Catlin, to the board of the firms collateralised reinsurance venture Sussex Capital Limited.
Sussex Capital is Brit’s third-party capital management venture, which launched for the start of 2018 as a new collateralised reinsurance fund, named Sussex Capital, underwriting both third-party business on a fully-collateralised basis and also assuming some risk from Brit’s syndicate at Lloyd’s.
It features an open-ended ILS fund that will underwrite its collateralised reinsurance business through special purpose insurance vehicle Sussex Re and Brit raised $102.5 million from investors for Sussex’s 2018 underwriting year, which the firm called at the time “the next step in Brit’s strategy to build long term relationships with the capital markets.”
In adding Graham Pewter to the board of Sussex Capital Limited, Brit gains a significant amount of expertise gained across years in insurance and reinsurance.
Pewter has 40 years’ of experience working in the Bermuda reinsurance market, most recently serving as President and Chief Executive Officer of Catlin Insurance Company Ltd from 2003 until his retirement in 2015. Before that, he was President and Chief Executive Officer at Commercial Risk Partners Limited, a subsidiary of SCOR and had previously held executive positions with LCF Rothschild Insurance Services and Cologne Reinsurance Company (Bermuda) Limited.
Pewter also takes a board seat for Brit’s reinsurance arm Brit Re as well.
Brit also announced the appointment of Andrea Welsch, who was most recently Executive Director, Office of the CEO, at Willis Re, to Non-Executive Director for the Boards of Brit Ltd and Brit Syndicates Ltd, and Pinar Yetgin, currently Head of Insurance, Wealth Management and Brokers Sectors at RBS, as Non-Executive Director on the Board of Brit Syndicates Ltd.
Commenting on the appointments Mark Cloutier, Executive Chairman of Brit, said, “Andrea, Pinar and Graham are all highly regarded individuals with strong track records in both insurance and the broader financial services sectors. Their well-deserved reputations for strategic leadership, alongside their respective international experience and capital markets expertise, will prove valuable for Brit as the business continues to grow in scale and capability. I look forward to the contributions and insight they will bring to the Boards of Brit Ltd, Brit Syndicates Ltd, Brit Re and Sussex Capital Limited.”
Matthew Wilson, CEO, Brit, also said, “I would like to welcome Andrea, Pinar and Graham to their respective Boards. They join Brit at an exciting time and their insights and market knowledge will be important as we continue to develop the business and capitalise on the growth opportunities we have identified. I look forward to working closely with them all.”
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