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Lloyd’s of London insurer Brit Ltd., a specialty insurer and reinsurer, has renewed and expanded its Versutus Ltd. sidecar and expanded capacity of syndicate 2988, Brit said in a statement Wednesday.
This fourth renewal of the Versutus sidecar brings total invested capital in the vehicle to $187 million, the statement said.
Brit has also increased capacity at its syndicate 2988, launched in 2017, to £98.5 million ($137.9 million), the statement said.
Sussex Capital is a Bermuda-domiciled fund and writes coverage through Bermuda-domiciled special purpose insurer Sussex Re, providing direct collateralized reinsurance and collateralized reinsurance to Brit’s reinsurance portfolio. Syndicate 2988 will cover over 20 lines of business for 2018, the statement said.
Versutus will focus on worldwide property catastrophe reinsurance business and North American property binders.
Total managed capacity across Versutus, Syndicate 2988 and Sussex Capital, launched Jan. 1, is now over $400 million, the statement said.
“The renewal and expansion of the Versutus sidecar, alongside the growth of Syndicate 2988 for 2018, continues our successful strategy of managing capital for third parties,” Matthew Wilson, chief executive officer of Brit, said in the statement.
Lloyd's of London insurer Brit Ltd. increased its reinsurance expenditure by $62.6 million – or 22.6% of gross written premiums – on reinsurance or retrocessional coverage to $432 million in 2016, Artemis.bm reported. "The increase in expenditure is principally driven by the increased use of quota shares to manage our net exposure in the current soft market conditions, partially offset by savings on other areas of the program," Brit said.