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Insurer redomiciles captive to Bermuda

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London-based insurer and reinsurer Brit P.L.C. said Thursday that it is relocating its Gibraltar-based captive reinsurer to Bermuda.

Brit Insurance (Gibraltar) PCC Ltd. provides coverage for Brit’s own book of business and no changes in operations are planned, according to a spokesman.

The process is expected to be completed by the end of the year, according to a Brit statement.

Following the move, the captive will become Brit Reinsurance (Bermuda) Ltd., the statement said.

“This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the U.S. market,” Matthew Wilson, Brit’s CEO, said in the statement.

Mark Allan, chief financial officer of Brit added that Bermuda is an important hub for Brit and “its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the Group’s longer term strategy.”