Brit
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The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”. -
Sussex and Versutus investors narrowed their loss from H1 2019.
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The London market veteran holds several advisory positions and assists the UK government.
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Fairfax is understood to have provided cornerstone capacity for Ki, and Brit is aiming to raise third-party capital its launch.
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The carrier will raise third-party funds for the vehicle after setting up a new Lloyd’s fund late last year.
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The Brit subsidiary becomes the seventh specialist ILS member of the industry group.
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Third-party investors recorded a $2.6mn underwriting profit for the year.
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The vehicle was set up as a Bermuda fund funnelling capital through a Lloyd's corporate member.
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The reinsurer’s balance sheet strength and parental support were among the factors cited by the ratings agency in its decision.
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The insurer reported $17.7mn of income from sidecar investors and MGAs.
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He will replace Reinhard Seitz who is retiring before the end of the year.
