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[HAMILTON, Bermuda]A new reinsurer to write retrocession business has been launched in Bermuda.
London-based Brit Insurance Holdings P.L.C. has reached an agreement to launch a joint venture Bermuda-based reinsurance company, Norton Re Insurance Ltd. to write catastrophe retrocession business.
The move overseas is the first for Brit, which operates at Lloyd's and through its London-based insurance company.
In a statement, Brit said that Norton Re has received its license from the Bermuda Monetary Authority and that it expects the Bermudian reinsurer will begin underwriting for the January 1, 2007, renewal.
Brit is the lead investor in Norton Re with a 19.6% holding, or $21 million (€19 million) initial investment. Norton Re will use the underwriting expertise of Brit's existing retrocession team operating from Hamilton, Bermuda.
The remainder of Norton Re's initial $107.7 million (€81.9 million) capital is provided by institutional investors.
Earlier this month Advent Capital (Holdings) P.L.C. announced that it was in the process of establishing Advent Re, a Bermuda-based reinsurance company to write retrocessional business in time for the January, 2007, renewal.