Brit Ltd., the specialty insurer and reinsurer, announce the launch of Sussex Capital UK PCC Ltd., a new multi-arrangement insurance special purpose vehicle (MISPV).
Sussex Capital UK is the first transformer vehicle to be given permission by the Prudential Regulation Authority (PRA) under the UK’s new insurance-linked securities (ILS) regime to carry on the activities of a MISPV, writing general collateralized reinsurance for multiple cedents via Brit’s distribution network in the London market.
Sussex Capital UK will initially focus on property catastrophe coverage, with capacity provided by Sussex Capital, Brit’s Bermuda-domiciled ILS fund platform.
GC Securities acted as adviser to Brit throughout the application process.
Matthew Wilson, CEO, Brit, commented: “I am both excited and proud to announce the launch of Sussex Capital UK, a landmark development in the emerging ILS market here in the UK. Sussex Capital UK further enhances Brit’s client and broker proposition and positions Brit extremely well to support growth in the UK’s ILS market as demand evolves over time.”
“Sussex Capital UK extends Brit’s ILS capability into the UK, further enhancing … access to property catastrophe risk for our investors over the long term,” said Mark Allan, CFO, Brit. “We are excited to be at the forefront in supporting the London market’s ILS ambitions and would like to thank the UK regulators for their commitment and responsiveness through the application process.”
Source: Brit Ltd.
Topics Reinsurance
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