Insurance firm
Brit has announced that the company will expand its collateralized reinsurance capacity through its Bermuda based special purpose insurer Versutus.
The development relates to the support of risks attached to Brit’s North American property insurance portfolio. The expansion took effect last January 1.
In a company statement, Brit said that Versutus will release an additional $150 million capital deployment through separate accounts to provide collateral support for its quota-share agreements with Brit.
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“We continue to broaden and enhance our capabilities within the capital markets arena, and this further expansion of Versutus is another positive development…We look forward to continuing to develop platforms with our third party capital partners…” Brit chief executive Matthew Wilson said in the statement.
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