Legacy reinsurance and run-off specialist, RiverStone International, has agreed with MS Amlin Underwriting to undertake a split reinsurance-to-close (RITC) transaction of the UK property and casualty portfolio of the 2019 and prior years of account of MS Amlin’s Syndicate 2001 at Lloyd’s.
RiverStone International will undertake the split RITC through its specialist legacy syndicate 3500.
The RITC became effective on 1 January 2022, with net technical provisions of $266 million.
Additionally, the companies have agreed a 100% quota share arrangement in respect of the 2020 year of account for the same lines of business.
Andy Creed, Chief Financial Officer (CFO) of RiverStone International, said: “We are delighted that MS Amlin has chosen RiverStone to help deliver its strategic aims.
“This signing further reinforces our competitive edge and the trust that key players in the market have in us. We will ensure that MS Amlin’s excellent reputation is maintained, and their insureds continue to receive the highest possible level of service.”
Phil Green, CFO, MS Amlin Underwriting Limited, added: “This arrangement with RiverStone International helps us along our journey of transformation, by providing greater operational and financial simplicity for our business.”
