RiverStone Europe has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency, a wholly-owned subsidiary of Hamilton Insurance Group.
The transaction transfers legacy Pembroke business that remained with Liberty Mutual Group following Hamilton’s acquisition of Pembroke and Syndicate 4000 in August 2019.
The RITC with net technical provisions of over £370 million, received Lloyd’s approval in early February, with the RITC becoming effective from 1 January 2021.
RiverStone Europe will now work with Hamilton to transition the business operations over the coming months.
Commenting, Luke?Tanzer,?RiverStone?Europe’s?managing?director, says: “We are?very pleased that?Hamilton and Liberty selected RiverStone Europe as their partner for this transaction.”
He adds: “We have worked closely with them to ensure their strategic objectives are achieved through this RITC, and we will ensure that all stakeholders continue to receive the highest possible level of service. The completion of this transaction reinforces RiverStone Europe’s competitive edge and outstanding reputation in the market.”
In 2019, RiverStone acquired two Cayman-based captives, GMPCI Insurance Company and Seaside Indemnity Alliance Company.
