Specialty re/insurer Brit has created special purpose reinsurer Versutus, a Bermuda-domiciled vehicle, to provide collateralised capacity support for Brit's property treaty portfolio in 2015. The vehicle is on risk from January 1 2015.
Brit said that Versutus would initially be capitalised at $75m and that it had received commitments from a number of investors.
Versutus will reinsure a quota share of Brit's existing worldwide property catastrophe excess of loss portfolio.
GC Securities acted as placement agent.
Brit head of short-tail reinsurance Jon Sullivan said that Brit had "a well-established book of diversified worldwide excess of loss catastrophe reinsurance business" and that this had "a highly profitable 14-year track record".
Brit Global Specialty chief executive Matthew Wilson called the move "an important step for Brit", which was looking to broaden and enhance its capabilities within the capital markets arena, as well as maximising the efficiency of its reinsurance programmes in 2015.
"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".