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Brit Ltd. has launched Sussex Capital UK PCC Ltd., a multiarrangement insurance special purpose vehicle, or mISPV, the specialty insurer and reinsurer said Monday.
Sussex Capital UK will initially focus on property catastrophe coverage, with capacity provided by Sussex Capital, Brit’s Bermuda-domiciled insurance-linked securities fund platform, Brit, a London-based unit of Fairfax Financial Holdings Ltd., said in a statement.
Brit said Sussex Capital UK is the first transformer vehicle to be given permission by the Prudential Regulation Authority at the Bank of England under the U.K.’s new ILS regime to carry on the activities of a multiarrangement insurance special purpose vehicle writing general collateralized reinsurance for multiple cedents via Brit’s distribution network in the London market.
London late last year moved to revamp its regulations aimed at drawing ILS business.
“Sussex Capital UK further enhances Brit’s client and broker proposition and positions Brit extremely well to support growth in the U.K.’s ILS market as demand evolves over time,” Brit CEO Matthew Wilson said in the statement.
“Sussex Capital UK extends Brit’s ILS capability into the UK, further enhancing optionality and access to property catastrophe risk for our investors over the long term, “ Mark Allan, Brit’s chief financial officer, said in the statement.
A U.K. parliamentary committee has approved a new set of financial regulations aimed at making the London market a center for insurance-linked securities activity, and regulators are seeing cautious industry interest.