Brit has revealed that it is relocating its Gibraltar-based protected cell company, Brit Insurance (Gibraltar) PCC, to Bermuda.
The protected cell company will become Brit Reinsurance (Bermuda) or 'Brit Re'. The process is expected to be completed by the end of the year.
“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," said Matthew Wilson, CEO of Brit.
Mark Allan, Brit, CFO, added: “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.”