Brit’s ILS asset manager Sussex Capital grows to $525m

Specialty insurance and reinsurance player Brit Ltd. successfully expanded its insurance-linked securities (ILS) management activities during 2020, with its Sussex Capital ILS management and collateralised reinsurance platform increasing its assets under management to $525 million.

Sussex Capital is an insurance linked securities (ILS) asset management platform that Brit founded in Bermuda in 2017.

ILS and collateralised reinsurance activity under the Sussex Capital ILS manager brand is undertaken by Brit in both Bermuda and the UK, with structures available in both domiciles.

The company had been expecting new inflows of investor capital towards the end of 2020, with investors targeting the Janaury 2021 reinsurance renewals.

In particular, Brit had been anticipating inflows into its diversified fund, a flagship property catastrophe fund, as well as its Sussex Specialty Insurance Fund, an ILS structure launched for 2020 and designed to offer investors access to the returns of Lloyd’s business including some specialty lines.

Back in 2018, Sussex Capital’s ILS assets under management were at just over $100 million, but Brit saw some fund raising success over the next year and had been targeting writing $250 million of premiums through the Sussex Capital ILS management platform by the end of 2019.

We understand some of the inflows expected in 2020 were pushed to the end of the year, in time for the January 2021 renewals, due to the impacts on the investor community from COVID-19.

Now, the company has disclosed new information on its third-party reinsurance capital initiatives to us, and we have updated its page within our Artemis’ ILS fund manager directory.

It seems Brit saw robust investor appetite for its Sussex Capital ILS fund strategies towards the end of last year, as the company now reports its ILS assets under management in the Sussex Capital structures as having reached $525 million.

Brit had been targeting this growth, with some confidence that Sussex Capital, as an ILS management platform, would grow in time for the renewals and also through this year.

The company has also found other ways to utilise the Sussex Capital to its own benefit, including using its UK based protected cell company as an issuer for its first catastrophe bond transaction.

View details of dedicated ILS fund managers and reinsurers offering ILS style investments in our Insurance-Linked Securities Investment Managers & Funds Directory.