Dear Friend,

As if to prove the old saying that great minds think alike, no sooner do I post about low-hanging fruit in the retro market than Brit takes up the clarion call!

Brit re-enters retro with $100m Norton Re Bermuda start-up

Of course Brit has been trying to get this together ever since deciding to pullout of writing retro for its own account. After all, it has had a good team of underwriters sitting idle for about a year now (ouch!).

Their first idea to start a cat sidecar didn’t get investors excited, but this version seems to have got past first base.

Good news for everyone, but whilst $100m is not to be sniffed at, it really is a drop in the ocean. The Brit team could probably deploy ten times this capital by 1/1 if institutions would stump up the cash.

Come on investors, the water’s lovely!