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Brit Ltd. on Wednesday said it has renewed its Versutus Ltd. catastrophe bond for 2016.
The amount of the notes, in support of Brit’s property treaty portfolio for 2016, was raised 10% from the previous year to a new total of $82.5 million. GC Securities acted as placement agent for the Versutus series 2016 notes, London-based Brit said in its statement.
“We are excited to build on last year’s launch of Versutus with this renewal and expansion for 2016,” Jon Sullivan, head of short tail reinsurance for Brit, said in the statement.
“We are delighted to continue broadening and enhancing our capabilities within the capital markets arena as we maximize the efficiencies of our reinsurance programs for 2016,” Matthew Wilson, CEO of Brit Global Specialty, said in the statement.
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.