RiverStone International has completed a reinsurance-to-close (RITC) and loss portfolio transfer (LPT) transaction with MS Amlin.
The RITC will be provided to MS Amlin’s Syndicate 2001 for 2018 and prior years of account, and the LPT will be specific to discontinued classes ranging from 2019 to 2021.
The RITC portion will be a ‘split’ RITC as the 2018 and prior years of account have already been closed into MS Amlin’s 2020 year of account.
RiverStone International will undertake the split RITC and LPT through its specialist legacy syndicate 3500.
The RITC and LPT became effective on 1 January 2023, with net technical provisions of £1.2 billion.
David Rocke, group head of M&A of RiverStone International, says: “We are delighted that MS Amlin has once again chosen RiverStone International as its partner in meeting its strategic aims.
“We will ensure that MS Amlin’s excellent reputation is maintained, and their insureds continue to receive the highest possible level of service.”
Andrew Carrier, CEO of MS Amlin CEO, comments: “Through this transaction, we create the space to concentrate on our future strategy, reduce volatility, and better utilise our capital and resources.
“Transferring these legacy accounts to a trusted partner like RiverStone International, maintains our confidence in the support available from both our organisations to effectively service our clients’ historic claims, as well as their current and future needs.”
James Mounty, global leader of customised & capital solutions at Gallagher Re, says: “Helping clients maximise their capital efficiency is what drives our team of retrospective solutions specialists, and we are pleased to have advised MS Amlin on this large and complex transaction.”
