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Brit introduces reinsurance platform Sussex Capital

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Specialty insurer and reinsurer Brit Ltd. on Wednesday said it is launching Sussex Capital, a Bermuda-domiciled collateralized reinsurance platform.

London-based Brit said in a statement that it has slated a Jan. 1 launch for Sussex with an expected initial capacity of $100 million.

Through Sussex Re, a new Bermuda-domiciled special purpose insurer, Sussex Capital will write direct collateralized reinsurance and collateralized reinsurance for Brit’s reinsurance portfolio, the statement said.

In collateralized reinsurance, the policy limit is fully collateralized with funds held or on deposit, typically alternative or investor capital.

“We are excited to launch Sussex Capital and further enhance Brit’s client and broker proposition with Sussex Re writing direct collateralized reinsurance,” Brit CEO Matthew Wilson said in the statement.