Brit has expanded the collateralised reinsurance capacity of its sidecar Versutus to $150mn, it announced today.
The increased capacity became effective on 1 January, and is a $40mn increase on the previous capacity level of $110mn. GC Securities acted as placement agent for the new preference shares issued by Versutus.
Brit launched Bermuda-domiciled Versutus in January 2015 to provide collateralised capacity to support the its property catastrophe treaty portfolio.
Versutus has a quota share agreement with Brit under which it...
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