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Brit grows Versutus sidecar by 33% to $110m in 2017 renewal


Global specialty insurance and reinsurance firm Brit Ltd. has renewed its reinsurance sidecar vehicle Versutus Ltd. for 2017, increasing its fully collateralised capacity by 33% to $110 million from existing and new third-party investors.

Brit launched Versutus Ltd. for the 2015 underwriting year, as it raised $75 million for the Bermuda domiciled special purpose insurance vehicle. Last year, for a 2016 renewal, Brit increased the size of Versutus by 10% to $82.5 million.

Versutus enables Brit to welcome third-party capital from institutional investors into its business, to help them make their underwriting capital more efficient in the challenging market, providing access to a source of lower-cost capital. Meanwhile, the capital market investors backing the vehicle benefit from a way to share in Brit’s underwriting fortunes and access the returns of its business.

Brit today announced the renewal of Versutus Ltd. and its expansion by 33%, in support of the re/insurers property treaty portfolio for the 2017 underwriting year.

Capital has been secured from renewing and new third-party capital investors, who are accepting risk from January 1st 2017 through a set of Versutus Series 2017 Notes, which were placed with investors by GC Securities.

Jon Sullivan, Head of Short Tail Reinsurance at Brit, commented on the Versutus renewal; “We are excited to build and expand capacity in this third issuance in the Versutus series, which will offer continued access to Brit’s strong underwriting capabilities and diversified distribution reach (via both our London and Bermudian platforms) as well as all the benefits the Group experiences managing one of the largest Lloyd’s syndicates.”

Matthew Wilson, CEO of Brit, added; “We are delighted to continue broadening and enhancing our capabilities within the capital markets arena as we maximise the efficiencies of our reinsurance programs for 2017.”

For more details on reinsurance sidecar investments and transactions view our list of collateralized reinsurance sidecars.

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