The relocation is set to complete by the end of the year

Brit is relocating its Gibraltar-based reinsurer to Bermuda. When the process completes – schedule for the end of the year – Brit Insurance (Gibraltar) will become Brit Reinsurance (Bermuda) Limited, and the entity will be known as Brit Re.

Brit chief executive Matthew Wilson 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.”

Brit chief financial officer Mark Allan described Bermuda as an important hub for Brit, saying: “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.”