RiverStone strikes £370m RITC deal with Hamilton and Liberty

Legacy specialist RiverStone Europe has completed a £370 million reinsurance-to-close (RITC) transaction with Hamilton Managing Agency, a wholly-owned subsidiary of Hamilton Insurance Group.

The RITC covers legacy liabilities of the 2018 and prior years of account of Syndicate 4000.

The transaction transfers legacy Pembroke business that remained with Liberty Mutual Group following Hamilton’s acquisition of Pembroke and Syndicate 4000 in August 2019.

This RITC with net technical provisions of over £370 million received Lloyd’s approval in early February, with the RITC taking effect from January 1, 2021.

RiverStone Europe will now work with Hamilton to transition the business operations over the coming months.

Fairfax Financial sold RiverStone Europe for approximately $750 million to CVC Capital Partners in December 2020.

Luke Tanzer, RiverStone Europe’s managing director, said: “We are very pleased that Hamilton and Liberty selected RiverStone Europe as their partner for this transaction. 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.”

Adrian Daws, chief executive officer of Hamilton Managing Agency, said: “This transaction is the final act of what has been a transformational deal for Hamilton. As we complete the integration of our acquired operations from Liberty, we’re well-positioned to continue to focus on our long-term development in building a global, diversified specialty insurance and reinsurance franchise.”

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