Brit Ltd is to relocate its Gibraltar-based captive reinsurer to Bermuda.
The international general insurance and reinsurance group, which is headquartered in the UK, said it expects to complete the relocation of Brit Insurance (Gibraltar) PCC Ltd by the end of the year.
Brit already has an office in Bermuda, which it set up in 2013.
Matthew Wilson, Brit, chief executive officer, said: “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.”
And Mark Allan, Brit’s chief financial officer, said: “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.”
A spokesperson for the company said the move will not involve any major change in staffing levels in Bermuda, although a top executive at the reinsurer is expected to relocate to the island.
Welcoming the move, Ross Webber, CEO of the Bermuda Business Development Agency, said: “Once again this is a tremendous endorsement of our jurisdiction. It’s a recognition of the power, strength and reputation of our regulator, particularly following Solvency II.
“We all acknowledge that our reputation on the international marketplace is of paramount importance, and this sort of move from a world-recognised insurer is further endorsement of Bermuda as a unique, elite jurisdiction.”
When relocated Brit Insurance (Gibraltar) will become Brit Reinsurance (Bermuda) Limited.