Insurance and reinsurance group Brit is to relocate its Gibraltar-based captive reinsurer to Bermuda.
The redomestication is set to be complete by the end of 2017. Once the move has been made Brit Insurance (Gibraltar) protected cell company will become Brit Reinsurance (Bermuda) Limited.
Matthew Wilson, CEO of Brit, said: “This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the US market.”
Mark Allan, CFO of Brit, added: “Bermuda is an important hub for Brit, and its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the group’s longer term strategy.”
