Brit has made two new appointments to its Bermuda-domiciled collateralised reinsurance platform, Sussex Capital.
Richard Slater has been brought in as the new underwriting director while Adam Champion has been hired as senior vice president, portfolio manager, and operations.
Slater leaves his previous role as head of international property reinsurance and global property retro at XL Catlin in Bermuda.
He will be responsible for managing property treaty underwriting and strengthening relationships with brokers and investors, as well as underwriting for Brit Syndicate 2987 and 2988 to broaden the Brit client offering and identify opportunities for Sussex Capital to grow.
Champion, previously the head of analytics at MS Amlin, will focus on portfolio management and operational performance.
Additionally, the former head of catastrophe modelling for MS Amlin in Bermuda will support the development of Brit’s wider property treaty and catastrophe modelling capability, working closely with the underwriting and exposure management teams in Bermuda, London, and the US.
Sussex Capital, which launched on 1 January 2018, writes direct collateralised property catastrophe reinsurance, provides collateralised reinsurance to Brit’s Property Treaty portfolio and provides over $100 million of capacity.
Brit CEO Matthew Wilson said the appointments are another step towards the company’s ambition to develop Sussex Capital into a leading insurance-linked securities (ILS) manager.
Wilson commented: “Both Slater and Champion are highly regarded in the market and have the relationships and technical expertise to support our growth strategy for Sussex Capital.”
Mark Allan, Brit CFO, added: “Sussex Capital leverages Brit’s track record, technical underwriting capabilities and access to high-quality business to enable investors to participate in the ILS space via an innovative product offering.”
“More broadly, Sussex Capital forms part of Brit’s strategy to build long-term relationships with the capital markets, and these appointments further strengthen Brit’s reinsurance capability and access to diversified sources of capital to support property catastrophe and other insurance risk.”