The Bermuda market grandee joins Brit as a non-executive board member

Brit has landed a true industry heavyweight with the appointment of Jay Nichols to its Sussex Capital and Brit Re Board as a non-executive director.

Nichols will become Chair of the Audit Committee of Brit Re and join the Brit Ltd Audit Committee.

Sussex Capital is Brit’s recently launched Bermuda domiciled collateralised reinsurance platform and Brit Re its newly established Bermudian captive reinsurer.

Nichols has been a key figure on the island for a substantial length of time, having spent 15 years at RenaissanceRe, culminating as the President of RenaissanceRe Ventures; and most recently having held the position of chief executive of Axis Capital.

Nichols stepped down from his position at Axis Capital in February, after nearly five years in the role, “to take on new challenges”.

Brit executive chairman Mark Cloutier said: “The launch of Sussex Capital and establishment of Brit Re are both important milestones in the development of our platform in Bermuda and the appointment of someone of Jay’s calibre to their respective Boards is a strong statement of intention.”

He added: “Jay brings to Brit an impressive track-record within the reinsurance arena, and his experience of working across the capital markets will prove extremely valuable as we continue to build on our Bermuda presence and capabilities. We look forward to welcoming Jay and his contribution as an important Board member for these businesses.”