Global specialty insurer
Brit Ltd. is relocating its reinsurance business
Brit Insurance (Gibraltar) to another British overseas territory.
As part of Brit’s longer-term strategy, the reinsurer will be moved from Gibraltar to Bermuda,
where more than 32% of the top 40 global reinsurers are based. When the process is completed, most likely by the end of 2017, Brit Insurance (Gibraltar) will be renamed as Brit Reinsurance (Bermuda) Ltd. – or simply, Brit Re.
“This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the US market,” explained Brit chief executive Matthew Wilson, who in August was pleased to report that Brit’s US underwriting operation reached the milestone of writing over $1bn of premium since being formed in 2009.
Not only did Brit strengthen its US programme capability this year, but it also
launched a new US cyber and technology team.
“Bermuda is an important hub for Brit, and its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the Group’s longer-term strategy,” noted Brit chief financial officer Mark Allan.
According to the Association of Bermuda Insurers & Reinsurers, commercial carriers in the North Atlantic Ocean island territory represent the second-largest insurance hub outside London.
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