Brit
-
The bond is being issued through Lloyd’s London Bridge 2 platform. -
This will be Brit’s first cat bond issuance since its 2020 deal through Sussex Capital.
-
The Sussex Capital ILS platform managed $440mn at its 2019 peak.
-
The partnership will add more capacity on the platform from April.
-
The carrier closed its Sussex Diversified Fund in October last year.
-
The underwriter will report to Kristina Maffit.
-
The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
-
The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
-
Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
-
The company’s Syndicate 2988 exited direct property business.
-
The carrier’s Ki syndicate made an underwriting profit.
-
The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
