Brit launches Lloyd's ILS fund

In an industry first, Brit Limited, the global specialty insurer and reinsurer, has today launched an ILS fund designed to give access to Lloyd’s risks. The Sussex Specialty Insurance Fund gives institutional investors “direct access” to Lloyd’s specialty insurance and reinsurance – providing support to Syndicate 2988, the insurer’s third-party capital backed syndicate. Entering its fourth year of operation, it boasts a US$200 million stamp capacity and works alongside Brit’s main syndicate. The idea is that this new fund will grant investors access to a diversified basket of risks from the Lloyd’s platform and has been welcomed by Lloyd’s CEO John Neal.