Specialty insurance and reinsurance firm Brit Ltd. has announced the launch of a new specialty re/insurance platform, Scion Underwriting Managers, which it says will partner both with its own balance-sheet, other markets and also third-party capital providers.
Industry veteran Scott Brock has been hired to run the platform, as President of Scion Underwriting Managers, and will be tasked with building out and managing the specialty underwriting platform’s operations.
Brit explained that Scion will partner with itself, other markets, and also third-party capital providers which could include alternative reinsurance capacity, as it grows to support the insurance needs of a variety of targeted industries, both in the United States and across international markets as well.
It appears that Scion will operate as an MGA, providing the underwriting and portfolio building expertise in certain specialty lines of business, while capacity could be from a variety of sources including the capital markets.
Matthew Wilson, Brit, CEO, commented on the announcement, “Scott is an exciting hire. His strong insurance background and experience as an investor makes him well positioned to help us establish a compelling offering for the Group. We look forward to working with Scott to develop new products that match the needs of several targeted sectors, while leveraging our distribution reach and Scott’s proven ability to effectively build-out new businesses. Providing an attractive home for leading industry talent continues to be an important part of our strategy, and Scott represents another high quality appointment.”
Brock has 25 years of industry experience, as well as investment expertise in the financial services sector.
He was most recently at Advocate Reinsurance Partners, where he held the role of CEO since 2010 and oversaw its operations until its sale in 2016. Previously, Brock co-founded Tobat Capital, where he had a key role across the business, including its capital raising and portfolio management. Before that he held a number of leadership roles at E.W. Blanch Company.
Scott Brock, Scion, President, also said, “I look forward to working with the entire Group in building-out the Scion platform over the long term. We have several exciting opportunities in front us and are busy putting the pieces in place to capitalize on these. I have always had a great deal of respect for Brit and I look forward to being part of its industry leading team.”
The launch of Scion could help Brit to further expand its work with third-party capital providers, such as ILS funds and institutional investors, providing the company with a way to leverage the capital markets for underwriting of specialty insurance and reinsurance risks.
The Scion offering could be very attractive for ILS investors looking for ways to access new and diversifying sources of insurance or reinsurance risk, from an experienced underwriting outfit.
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