BRIT LAUNCHES SPECIAL PURPOSE REINSURER VERSUTUS

Brit has announced the launch of Versutus Ltd, a Bermuda-based special purpose reinsurer which has been created to provide collateralised capacity support for its 2015 property treaty portfolio. Brit said Versutus, which has an initial capitalisation of £75m and is on risk from January 1, will reinsure a share of its existing worldwide property catastrophe excess of loss portfolio. GC Securities acted as placement agent for the launch, and Brit said capital had been secured from a number of investors. Matthew Wilson, chief executive of Brit Global Specialty, said: “This is an important step for Brit as we look to broaden and enhance our capabilities within the capital markets arena and to maximise the efficiencies of our reinsurance programs for 2015.” Brit Global Specialty’s reinsurance book write £222m of premiums during the first nine months of 2014, including £20.6m in its recently established Bermudian office, of which the majority was casualty treaty.