Brit, the global specialty insurer and reinsurer, has launched a new multi-arrangement insurance purpose vehicle (mISPV) under the UK’s insurance-linked securities (ILS) regime, Sussex Capital UK.
Sussex Capital UK is the first transformer vehicle to be given permission by the Prudential Regulatory Authority (PRA) under the new regime to carry on the activities of a mISPV writing general collateralised reinsurance for multiple cedants via Brit’s distribution network in the London market.
Initially, the mISPV will focus on property casualty coverage, with capacity provided by Sussex Capital, Brit’s Bermuda-domiciled ILS fund platform.
GC Securities acted as Brit’s advisor through the application process.
Matthew Wilson, CEO of Brit, said he was excited and proud with the launch, adding that it was “a landmark development in the emerging ILS market here in the UK”.
He commented: “Sussex Capital UK further enhances Brit’s client and broker proposition and positions Brit extremely well to support growth in the UK’s ILS market as demand evolves over time.”
According to Mark Allan, CFO of Brit, the new vehicle extends Brit’s ILS capability into the UK, “further enhancing optionality and access to property catastrophe risk for our investors over the long term”.
He stated: “We are excited to be at the forefront in supporting the London Market’s ILS ambitions and would like to thank the UK regulators for their commitment and responsiveness through the application process.”
