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Lloyd’s insurer Brit expands North American property capacity

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Lloyd’s of London insurer Brit Ltd. on Thursday said it has increased the collateralized reinsurance capacity provided by special purpose insurer Versutus Ltd. to support risks attached to Brit’s North American property insurance portfolio.

Bermuda-based Versutus, which was launched in January 2015, will increase the amount of capital deployed to $150 million from $110 million via various segregated accounts to collateralize its quota-share reinsurance agreements with Brit, Brit said in a statement.

GC Securities acted as a placement agent for the new preference shares issued by Versutus.

“We are excited to expand access, through Versutus, to our North American property insurance portfolio of binder business,” Christiern Dart, Brit’s chief underwriting officer, said in the statement.