Brit launches special purpose reinsurer

Brit P.L.C. has created a special purpose reinsurer to provide collateralized supports for the carrier's 2015 property treaty portfolio, Brit announced Monday.

Versutus Ltd., which will be initially capitalized at $75 million, has entered into a quota share agreement with Brit under which it will reinsure a share of the London-based Brit's existing worldwide property catastrophe excess of loss portfolio beginning Jan. 1, Brit said in a statement.

“This is an important step for Brit as we look to broaden and enhance our capabilities within the capital markets arena and to maximize the efficiencies of our reinsurance programs for 2015,” said Brit Global Specialty CEO Matthew Wilson in the statement. “We are delighted to have secured funding for Versutus from a range of new partners whom we look forward to working with closely in the future.”

Versutus is based in Pembroke, Bermuda.