Specialty re/insurer Canopius Group has completed a loss portfolio transfer (LPT) agreement with legacy and run-off specialist, RiverStone International.
The arrangement covers discontinued lines of insurance business underwritten by Syndicates owned by Canopius.
Under the agreement, RiverStone’s Syndicate 3500 indemnifies the reinsurer against potential losses in respect of net liabilities valued at approximately $780 million.
Nick Betteridge, Chief Actuary of Canopius, said: “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. I would like to thank Gallagher Re for their professional handling of this transaction and we look forward to working with RiverStone to transition the business over.”
Luke Tanzer, Chief Executive Officer (CEO) of RiverStone, commented: “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.”
