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Brit renews property reinsurance sidecar

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Reinsurance

Lloyd’s of London insurer Brit Ltd. said Monday that it has renewed and expanded the collateralized reinsurance capacity provided by special purpose insurer Versutus Ltd. to support Brit’s property treaty portfolio for 2017.

Bermuda-based Versutus, which was launched in January 2015, will be capitalized at $110 million, up 33% from its previous level, London-based Brit said in a statement. Funding has been secured from renewal and new third party capital partners accepting risk from Jan. 1.

“We are excited to build and expand capacity in this third issuance in the Versutus series,” Jon Sullivan, head of short tail reinsurance at Brit, said in the statement.