Global specialty reinsurer Canopius Group has completed a loss portfolio transfer (LPT) agreement with RiverStone International covering discontinued classes of business underwritten by Canopius’ syndicates.
The group provides insurance and reinsurance solutions in the lines of property and casualty, cyber, specialist consumer products and protection and indemnity, among others, while RiverStone is an acquirer and reinsurer of legacy and discontinued insurance business operating in the UK company and Lloyd’s of London markets.
Under the agreement, brokered by Gallagher Re, RiverStone’s Syndicate 3500 will indemnify Canopius against potential losses relating to net liabilities valued at around US$780 million.
Nick Betteridge, chief actuary at Canopius, explains: “This LPT with RiverStone provides Canopius with finality on our discontinued lines, allowing us to focus on our core business and releasing capital to reinvest in support of our future growth aspirations.
“With the current positive market environment, we see this as a great time to continue to invest and grow our business in 2022 and beyond. We look forward to working with RiverStone to transition the business over.”
Riverstone CEO Luke Tanzer adds: “We are delighted to have executed this legacy portfolio transaction with Canopius, which continues to build upon our strong position in Lloyd’s. We look forward to working closely with Canopius through the transition phase and to maintaining the high-quality level of service for policyholders and claimants.”
