Canopius untangles discontinued lines in deal with RiverStone
Specialty re/insurer Canopius has completed a loss portfolio transfer agreement with RiverStone International covering discontinued classes of business underwritten by Canopius’ Lloyd's Syndicates.
Canopius will be indemnified against potential losses against net liabilities valued at approximately $780 million by RiverStone’s syndicate.
Nick Betteridge, chief actuary of Canopius, commented: “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."
Riverstone’s CEO, Luke Tanzer (pictured), said: “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”.
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