ArgoGlobal, a Lloyd’s insurer and member of speciality reinsurer Argo Group, has entered into a reinsurance-to-close (RITC) transaction with legacy specialist RiverStone.
The deal will see RiverStone undertake an RITC of ArgoGlobal’s Syndicate 1200 for 2017 and prior years with net technical provisions of £356 million.
The transaction is expected to receive regulatory approval in the fourth quarter of 2020, with the RITC taking effect on January 1.
“This is another important milestone in the company’s strategy to simplify the business, reduce expenses and streamline operations to ensure we are as efficient as possible,” explains Matt Harris, Group Head of International Operations.
“This transaction enables us to redeploy capital and create greater long-term value for our shareholders.”
Luke Tanzer, RiverStone’s UK Managing Director added, “We are pleased Argo has selected RiverStone as their partner for this transaction.
“We have worked closely with Argo to ensure their strategic objectives are achieved through this transaction, and we will ensure Argo’s insureds continue to receive the highest possible level of service.”