Brit forms collateralised reinsurance platform; adds former Axis Re CEO

Specialty re/insurer Brit is launching a new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital, and has appointed  former Axis Re CEO Jay Nichols to join its board.

Sussex Capital, through Sussex Re, a newly-established Bermuda special purpose insurer, will write direct collateralised reinsurance while also providing collateralised reinsurance to Brit’s reinsurance portfolio. Sussex Capital is set to launch in January 2018 with an expected initial capacity of $100 million.

Nichols will join the boards of Sussex Capital and Brit Re as non-executive director. He will also become chair of the audit committee of Brit Re, the group's new Bermudian captive reinsurer, and join the Brit audit committee.

Nichols is an industry veteran. Most recently, he was CEO of the reinsurance operations of Axis Capital. He previously spent 15 years at RenaissanceRe, among others 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. Prior to joining RenaissanceRe, Nichols held various positions at Hartford Steam Boiler, Monarch Capital and the accounting firm of Matson, Driscoll and D'Amico.

Mark Cloutier, Brit, executive chairman, 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. We look forward to welcoming Jay and his contribution as an important Board member for these businesses."

Matthew Wilson, Brit CEO, commented: "We are excited to launch Sussex Capital and further enhance Brit’s client and broker proposition with Sussex Re writing direct collateralised reinsurance, as we continue to share access to Brit’s strong underwriting capabilities and diversified global distribution with our capital partners."

Mark Allan, Brit chief financial officer, added: "Sussex Capital is the next step in Brit’s strategy to build long term relationships with the capital markets. It will complement Versutus, our existing Bermuda-domiciled special purpose insurer, further strengthening Brit’s reinsurance capability and access to a diversified source of capital to support property catastrophe risk."

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