Brit reveals $380m loss portfolio transfer deal with RiverStone
Global specialty re/insurer Brit has completed a loss portfolio transfer (LPT) agreement with RiverStone International, valued at approximately $380 million.
The agreement is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987.
It will see RiverStone’s Syndicate 3500 indemnify Brit against potential adverse development in respect of net liabilities. RiverStone will assume all claims handling responsibility for the transferring business.
Gavin Wilkinson (pictured), Brit Group chief financial officer, said: “We are pleased to complete this LPT with RiverStone which provides Brit with certainty of exit on discontinued lines and reduces exposure to US Casualty claims inflation. This agreement builds on the previous reinsurance agreements between Brit and RiverStone in 2014 and 2018, leveraging the strong relationship between us. We look forward to working with RiverStone over the next few months as we transition the claims management to their teams.”
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