RiverStone International has completed an agreement with MS Amlin Underwriting to undertake a split reinsurance-to-close (RITC) transaction of the latter’s UK property and casualty portfolio of Syndicate 2001 for 2019 and prior years.
In addition to the above specifications, the companies have agreed to a 100 per cent quota share agreement for the same lines of business for the year 2020.
As an acquirer and reinsurer of legacy and discontinued insurance business, RiverStone transacts a range of deals, including insurance and reinsurance portfolio transfers, company purchases and loss portfolio transfer agreements.
MS Amlin specialises in underwriting and claims for the property and casualty, marine and reinsurance markets, having launched its second Asia-focused special purpose reinsurance vehicle, Phoenix 2 Re, in January of this year.
Effective on 1 January 2022, the split RITC will be facilitated through RiverStone’s specialist legacy syndicate 3500 and has net technical provisions of US$266 million.
Andy Creed, chief financial officer of RiverStone International, explains: ”We are delighted that MS Amlin has chosen RiverStone to help deliver its strategic aims. This signing further reinforces our competitive edge and the trust that key players in the market have in us.
“We will ensure that MS Amlin’s excellent reputation is maintained, and their insureds continue to receive the highest possible level of service.”
Phil Green, chief financial officer, MS Amlin Underwriting, adds: “This arrangement with RiverStone International helps us along our journey of transformation by providing greater operational and financial simplicity for our business.”
