Private equity and investment advisory firm CVC Capital Partners has acquired run-off reinsurance and acquisition group RiverStone Europe from Fairfax Financial Holdings. The RiverStone Europe Group will be rebranded as RiverStone International, and will continue to act as a global consolidator of non-life legacy and run-off insurance books, including insurance and reinsurance portfolio transfers and company purchases. RiverStone holds a leading position in the UK and Lloyd’s markets, with services that include helping insurers release capital, reduce volatility, and ensure operational efficiency. In March of this year, RiverStone completed a reinsurance-to-close transaction of the legacy liabilities of Syndicate 4000, managed by a subsidiary of Hamilton Insurance Group. Following the acquisition, Preben Prebensen has been appointed as independent non-executive chair of RiverStone’s board. He has served as CEO of Close Brothers Group for 11 years, and previously held the position of chief investment officer and member of the group executive committee at Catlin Group, another international non-life insurer. Nick Packer has also been appointed as independent non-executive director of the group board. He is a co-founder and COO of non-life run-off specialist firm Enstar. Luke Tanzer, CEO of RiverStone International, comments: “We are delighted to partner with CVC in this next chapter of our development, and look forward to pursuing our growth and development plans with the benefit of their extensive industry experience, global reach and long-term capital.” Peter Rutland, managing partner and head of financial services at CVC, adds: “RiverStone’s leading position in its markets, embedded cash flows and predictable financial profile means it is ideally suited to our strategic opportunities platform.”
