Brit has launched a new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital.
Sussex Capital, via a newly set up Bermuda-domiciled special purpose insurer, will write direct collateralised reinsurance for third-parties while also providing collateralised reinsurance to Brit’s reinsurance portfolio and Lloyd’s syndicate.
The platform is aiming to start writing business on 1 January 2018 with an expected initial capacity of $100mn.
Brit CFO Mark Allan said that Sussex Capital was the “next step” in the company’s strategy to build long term relationships with the capital markets. He added that it will complement the carrier’s existing Bermuda-domiciled collateralised reinsurance vehicle, Versutus Re, which it launched in 2015.
Brit also revealed that former Axis Re CEO Jay Nichols would join the board of Sussex Re and Brit Re as non-executive director. He will also become chair of the audit committee of Brit Re and join the Brit Ltd audit committee.
Nichols most recently served as CEO of the reinsurance operations at Axis Capital. He previously spent 15 years at RenaissanceRe, culminating as the president of RenaissanceRe Ventures. He was responsible for the formation of DaVinci Reinsurance and Top Layer Reinsurance, as well as numerous sidecars and other joint ventures and strategic investments.
Before joining RenaissanceRe, Nichols also held various positions at Hartford Steam Boiler, Monarch Capital and the accounting firm of Matson, Driscoll and D'Amico.
Brit executive chairman Mark Cloutier said: “The launch of Sussex Capital and establishment of Brit Re are both important milestones in the development of our platform in Bermuda and the appointment of someone of Jay’s calibre to their respective boards is a strong statement of intention.
“Jay brings to Brit an impressive track-record within the reinsurance arena, and his experience of working across the capital markets will prove extremely valuable as we continue to build on our Bermuda presence and capabilities.”