Insurance and reinsurance group Brit has launched a new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital.
The newly established special purpose insurer (SPI) will write direct collateralised reinsurance and provide collateralised reinsurance to Brit’s reinsurance portfolio.
Brit, who recently relocated their Gibraltar-based captive reinsurer, Brit Re, to Bermuda, are targeting a 1 January 2018 launch for Sussex Capital, with an expected initial capacity of $100 million.
Mark Allan, chief financial officer of Brit, commented: “[Sussex Capital] will complement Versutus, our existing Bermuda-domiciled SPI, further strengthening Brit’s reinsurance capability and access to a diversified source of capital to support property catastrophe risk.”
Brit have also announced that Jay Nichols, former CEO of the reinsurance operations of Axis Capital, will join the boards of Sussex Capital and Brit Re as non-executive director.
Nichols, who spent 15 years at RenaissanceRe, will also become chair of the audit committee of Brit Re and the Brit audit committee.
Mark Cloutier, executive chairman of Brit, said: “The launch of Sussex Capital and establishment of Brit Re are both important milestones in the development of our platform in Bermuda.”
“The appointment of someone of Jay Nichols’s calibre to their respective boards is a strong statement of intention.”